Zacks Investment Research Upgrades Generac (GNRC) to Buy
Zacks Investment Research upgraded shares of Generac (NYSE:GNRC) from a hold rating to a buy rating in a research report report published on Wednesday. The firm currently has $55.00 price target on the technology company’s stock.
According to Zacks, “Generac Holdings Inc. is a manufacturer of backup power generation products serving residential, light commercial and industrial markets. The Company designs, engineers, manufactures, and markets a range of automatic, stationary standby, and portable generators. Generac’s power systems range in output from 800 watts to 9 megawatts and are available through a broad network of independent and industrial dealers, retailers and wholesalers. The Company offers generators fueled by natural gas, liquid propane, gasoline, diesel, and Bi-Fuel. It also provides air-cooled engines. In addition, Generac designs, manufactures, sources and modifies engines, alternators, automatic transfer switches and other components necessary for its products. The Company’s generators are fueled by natural gas, liquid propane, gasoline, diesel and Bi-Fuel (combined diesel and natural gas). Generac Holdings Inc. is headquartered in Waukesha, Wisconsin. “
Several other brokerages have also weighed in on GNRC. Canaccord Genuity increased their price objective on shares of Generac from $50.00 to $54.00 and gave the company a hold rating in a report on Thursday, November 2nd. Oppenheimer restated a hold rating on shares of Generac in a report on Wednesday, November 1st. BidaskClub upgraded shares of Generac from a hold rating to a buy rating in a report on Thursday, October 26th. Bank of America set a $56.00 price objective on shares of Generac and gave the company a buy rating in a report on Monday, October 23rd. Finally, Stifel Nicolaus increased their price objective on shares of Generac from $41.00 to $48.00 and gave the company a hold rating in a report on Wednesday, October 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $52.57.
Generac (NYSE:GNRC) last announced its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.04. Generac had a net margin of 7.47% and a return on equity of 46.06%. The business had revenue of $457.25 million for the quarter, compared to analyst estimates of $420.42 million. During the same period in the prior year, the business posted $0.82 earnings per share. Generac’s revenue was up 22.5% compared to the same quarter last year. equities research analysts anticipate that Generac will post 3.22 earnings per share for the current fiscal year.
In other Generac news, CMO Russell S. Minick sold 24,085 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $50.92, for a total value of $1,226,408.20. Following the completion of the sale, the chief marketing officer now owns 39,369 shares of the company’s stock, valued at $2,004,669.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Aaron Jagdfeld sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $52.00, for a total transaction of $260,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,029,911 shares of the company’s stock, valued at approximately $53,555,372. The disclosure for this sale can be found here. Insiders sold 49,085 shares of company stock valued at $2,467,008 in the last ninety days. Insiders own 3.00% of the company’s stock.
Large investors have recently modified their holdings of the business. IFP Advisors Inc increased its stake in Generac by 26,222.2% in the third quarter. IFP Advisors Inc now owns 2,369 shares of the technology company’s stock valued at $109,000 after purchasing an additional 2,360 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Generac by 17.7% during the second quarter. Victory Capital Management Inc. now owns 3,847 shares of the technology company’s stock worth $139,000 after acquiring an additional 578 shares in the last quarter. Macquarie Group Ltd. bought a new stake in shares of Generac during the third quarter worth $175,000. Public Employees Retirement System of Ohio increased its position in shares of Generac by 10.6% during the second quarter. Public Employees Retirement System of Ohio now owns 5,873 shares of the technology company’s stock worth $212,000 after acquiring an additional 565 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Generac during the third quarter worth $238,000. 95.96% of the stock is owned by hedge funds and other institutional investors.
Generac Holdings Inc (Generac) is a designer and manufacturer of power generation equipment and other engine powered products. The Company serves the residential, light commercial, industrial, oil and gas, and construction markets. Its segments include Domestic and International. The Domestic segment includes the Generac business.
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