Generac Holdlings Inc. (GNRC) Lifted to “Neutral” at Bank of America Corporation
Generac Holdlings Inc. (NYSE:GNRC) was upgraded by investment analysts at Bank of America Corporation from an “underperform” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat Ratings reports. The firm currently has a $45.00 target price on the technology company’s stock, up from their previous target price of $34.00. Bank of America Corporation’s price target points to a potential upside of 7.66% from the company’s previous close.
A number of other equities research analysts also recently issued reports on the company. BidaskClub upgraded Generac Holdlings from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Zacks Investment Research upgraded Generac Holdlings from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Stifel Nicolaus reiterated a “hold” rating and issued a $41.00 price objective on shares of Generac Holdlings in a research report on Thursday, August 3rd. Wolfe Research began coverage on Generac Holdlings in a research report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, ValuEngine upgraded Generac Holdlings from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Generac Holdlings presently has a consensus rating of “Buy” and an average target price of $43.83.
Generac Holdlings (GNRC) opened at 41.80 on Thursday. The stock has a 50 day moving average price of $38.05 and a 200 day moving average price of $36.95. Generac Holdlings has a 52 week low of $33.77 and a 52 week high of $44.84. The company has a market cap of $2.60 billion, a price-to-earnings ratio of 24.97 and a beta of 1.39.
Generac Holdlings (NYSE:GNRC) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.05. Generac Holdlings had a return on equity of 46.60% and a net margin of 7.00%. The firm had revenue of $395.40 million for the quarter, compared to the consensus estimate of $383.14 million. During the same quarter in the prior year, the business posted $0.64 earnings per share. The business’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts forecast that Generac Holdlings will post $2.95 earnings per share for the current year.
In other Generac Holdlings news, CEO Aaron Jagdfeld sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $35.68, for a total transaction of $178,400.00. Following the sale, the chief executive officer now owns 1,044,911 shares in the company, valued at $37,282,424.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 15,000 shares of company stock worth $563,100 in the last 90 days. Company insiders own 3.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GNRC. Janney Montgomery Scott LLC raised its position in Generac Holdlings by 65.8% during the first quarter. Janney Montgomery Scott LLC now owns 12,170 shares of the technology company’s stock valued at $454,000 after purchasing an additional 4,829 shares in the last quarter. Russell Investments Group Ltd. raised its position in Generac Holdlings by 7.5% during the first quarter. Russell Investments Group Ltd. now owns 58,267 shares of the technology company’s stock valued at $2,172,000 after purchasing an additional 4,082 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Generac Holdlings during the first quarter valued at about $768,000. State Board of Administration of Florida Retirement System raised its position in Generac Holdlings by 18.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 53,024 shares of the technology company’s stock valued at $1,977,000 after purchasing an additional 8,136 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Generac Holdlings by 66.4% during the first quarter. First Trust Advisors LP now owns 160,783 shares of the technology company’s stock valued at $5,994,000 after purchasing an additional 64,135 shares in the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.
About Generac Holdlings
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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