Generac Holdlings Inc. (GNRC) Upgraded to “Buy” at Bank of America Corporation
Generac Holdlings Inc. (NYSE:GNRC) was upgraded by analysts at Bank of America Corporation from a “neutral” rating to a “buy” rating in a report issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $50.00 price target on the technology company’s stock, up from their previous price target of $45.00. Bank of America Corporation’s price target would suggest a potential upside of 10.42% from the stock’s current price.
Other equities analysts also recently issued reports about the stock. ValuEngine upgraded shares of Generac Holdlings from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. BidaskClub upgraded shares of Generac Holdlings from a “hold” rating to a “buy” rating in a report on Friday, September 8th. KeyCorp restated a “hold” rating on shares of Generac Holdlings in a report on Sunday, September 10th. Canaccord Genuity restated a “hold” rating and set a $42.00 target price (up from $40.00) on shares of Generac Holdlings in a report on Friday, September 8th. Finally, Zacks Investment Research upgraded shares of Generac Holdlings from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $44.67.
Shares of Generac Holdlings (GNRC) opened at 45.28 on Friday. The company’s 50 day moving average is $39.05 and its 200 day moving average is $37.07. Generac Holdlings has a 12-month low of $33.77 and a 12-month high of $45.61. The company has a market capitalization of $2.81 billion, a P/E ratio of 27.05 and a beta of 1.39.
Generac Holdlings (NYSE:GNRC) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.05. The business had revenue of $395.40 million for the quarter, compared to the consensus estimate of $383.14 million. Generac Holdlings had a net margin of 7.00% and a return on equity of 46.60%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. Analysts expect that Generac Holdlings will post $2.96 earnings per share for the current fiscal year.
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In other Generac Holdlings news, CEO Aaron Jagdfeld sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $35.68, for a total value of $178,400.00. Following the transaction, the chief executive officer now directly owns 1,044,911 shares in the company, valued at $37,282,424.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 15,000 shares of company stock worth $563,100. Corporate insiders own 3.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GNRC. Victory Capital Management Inc. increased its holdings in shares of Generac Holdlings by 51.8% in the first quarter. Victory Capital Management Inc. now owns 3,269 shares of the technology company’s stock valued at $122,000 after purchasing an additional 1,116 shares during the last quarter. Invictus RG increased its holdings in shares of Generac Holdlings by 940.9% in the first quarter. Invictus RG now owns 3,893 shares of the technology company’s stock valued at $145,000 after purchasing an additional 3,519 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Generac Holdlings by 93.6% in the first quarter. Envestnet Asset Management Inc. now owns 4,813 shares of the technology company’s stock valued at $179,000 after purchasing an additional 2,327 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Generac Holdlings by 10.6% in the second quarter. Public Employees Retirement System of Ohio now owns 5,873 shares of the technology company’s stock valued at $212,000 after purchasing an additional 565 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new position in shares of Generac Holdlings in the first quarter valued at $219,000. Hedge funds and other institutional investors own 96.64% of the company’s stock.
Generac Holdlings Company Profile
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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