Principal Financial Group Inc. Sells 5,561 Shares of Generac Holdings Inc. $GNRC

Principal Financial Group Inc. reduced its stake in shares of Generac Holdings Inc. (NYSE:GNRC) by 7.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,352 shares of the technology company’s stock after selling 5,561 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Generac worth $12,765,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in shares of Generac by 49.9% during the fourth quarter. Invesco Ltd. now owns 2,423,971 shares of the technology company’s stock valued at $330,557,000 after acquiring an additional 806,430 shares in the last quarter. Diamant Asset Management Inc. grew its stake in Generac by 19,433.0% in the first quarter. Diamant Asset Management Inc. now owns 666,075 shares of the technology company’s stock worth $130,104,000 after purchasing an additional 662,665 shares in the last quarter. Bank of Montreal Can increased its holdings in Generac by 1,141.1% during the 4th quarter. Bank of Montreal Can now owns 695,600 shares of the technology company’s stock worth $94,859,000 after purchasing an additional 639,551 shares during the period. Massachusetts Financial Services Co. MA raised its position in Generac by 127.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 959,337 shares of the technology company’s stock valued at $130,825,000 after purchasing an additional 536,732 shares in the last quarter. Finally, Norges Bank bought a new stake in Generac during the 4th quarter valued at $68,590,000. 84.04% of the stock is currently owned by institutional investors.

Insider Activity at Generac

In related news, insider Norman P. Taffe sold 550 shares of Generac stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $256.00, for a total value of $140,800.00. Following the completion of the sale, the insider directly owned 15,808 shares in the company, valued at $4,046,848. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aaron Jagdfeld sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $272.18, for a total transaction of $1,360,900.00. Following the transaction, the chief executive officer owned 564,528 shares in the company, valued at $153,653,231.04. The trade was a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 6,100 shares of company stock valued at $1,651,443 over the last ninety days. 2.40% of the stock is currently owned by insiders.

Generac Stock Down 4.0%

Shares of GNRC stock opened at $202.13 on Friday. Generac Holdings Inc. has a 1-year low of $134.80 and a 1-year high of $296.44. The stock’s fifty day moving average price is $256.28 and its 200 day moving average price is $222.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 0.99. The company has a market cap of $11.90 billion, a price-to-earnings ratio of 63.36, a price-to-earnings-growth ratio of 1.97 and a beta of 1.89.

Generac (NYSE:GNRC) last released its quarterly earnings results on Wednesday, April 29th. The technology company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.47. Generac had a return on equity of 15.45% and a net margin of 4.37%.The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same period last year, the business posted $1.26 earnings per share. The firm’s revenue was up 12.5% compared to the same quarter last year. On average, research analysts expect that Generac Holdings Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GNRC shares. Stephens reissued an “overweight” rating and set a $290.00 price target on shares of Generac in a research report on Thursday, May 21st. TD Cowen reiterated a “buy” rating on shares of Generac in a report on Monday. Wall Street Zen raised shares of Generac from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Jefferies Financial Group restated a “buy” rating on shares of Generac in a report on Wednesday, June 3rd. Finally, Cantor Fitzgerald began coverage on shares of Generac in a research note on Wednesday. They set an “overweight” rating and a $325.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $286.44.

Generac Company Profile

Generac Holdings Inc (NYSE: GNRC) is a leading manufacturer of backup power generation products for residential, commercial and industrial applications. The company offers a comprehensive portfolio of standby and portable generators, transfer switches and power management systems designed to provide reliable electricity during power outages and other critical situations. With an emphasis on innovation, Generac has expanded its offerings to include clean energy technologies such as battery storage and integrated solar-plus-storage systems.

Generac’s product lineup addresses a broad range of customer needs.