Manhattan West Asset Management LLC Acquires New Stake in Generac Holdings Inc. $GNRC

Manhattan West Asset Management LLC acquired a new position in shares of Generac Holdings Inc. (NYSE:GNRC) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,770 shares of the technology company’s stock, valued at approximately $1,397,000.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Generac during the second quarter valued at approximately $1,170,960,000. Invesco Ltd. grew its position in 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 during the period. State Street Corp increased its position in Generac by 2.1% during the 2nd quarter. State Street Corp now owns 2,189,927 shares of the technology company’s stock worth $313,619,000 after purchasing an additional 45,592 shares in the last quarter. Boston Partners increased its position in shares of Generac by 7.1% in the third quarter. Boston Partners now owns 1,947,332 shares of the technology company’s stock worth $326,003,000 after acquiring an additional 128,439 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Generac by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,490,876 shares of the technology company’s stock valued at $202,943,000 after purchasing an additional 6,332 shares in the last quarter. Institutional investors and hedge funds own 84.04% of the company’s stock.

Generac Price Performance

Shares of NYSE:GNRC opened at $206.51 on Friday. The firm’s 50 day moving average is $233.63 and its two-hundred day moving average is $229.33. The firm has a market capitalization of $12.19 billion, a P/E ratio of 47.58, a PEG ratio of 1.76 and a beta of 1.92. The company has a current ratio of 2.04, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Generac Holdings Inc. has a 52 week low of $134.80 and a 52 week high of $296.44.

Generac (NYSE:GNRC) last released its quarterly earnings results on Wednesday, July 29th. The technology company reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.90. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Generac had a return on equity of 17.83% and a net margin of 5.82%.The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.65 earnings per share. Analysts anticipate that Generac Holdings Inc. will post 9.78 earnings per share for the current year.

Analysts Set New Price Targets

GNRC has been the topic of a number of analyst reports. Roth Capital set a $214.00 price objective on shares of Generac in a research note on Thursday, July 30th. Citigroup lifted their target price on Generac from $263.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Stephens reiterated an “overweight” rating and issued a $290.00 price target on shares of Generac in a research note on Thursday, May 21st. Jefferies Financial Group reissued a “buy” rating on shares of Generac in a report on Wednesday, June 3rd. Finally, Cantor Fitzgerald lifted their price objective on Generac from $325.00 to $333.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Generac presently has a consensus rating of “Moderate Buy” and an average price target of $284.84.

Insider Activity at Generac

In other news, insider Kyle Andrew Raabe sold 586 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $213.35, for a total value of $125,023.10. Following the completion of the sale, the insider directly owned 10,746 shares of the company’s stock, valued at approximately $2,292,659.10. This represents a 5.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman P. Taffe sold 550 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $218.83, for a total transaction of $120,356.50. Following the completion of the transaction, the insider owned 15,508 shares of the company’s stock, valued at $3,393,615.64. This trade represents a 3.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 12,236 shares of company stock worth $2,871,273 in the last 90 days. Corporate insiders own 2.40% of the company’s stock.

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.