Generac Holdlings Inc. (GNRC) Upgraded to Buy by Bank of America Corporation
Bank of America Corporation upgraded shares of Generac Holdlings Inc. (NYSE:GNRC) from a neutral rating to a buy rating in a research report released on Friday. They currently have $50.00 price objective on the technology company’s stock, up from their prior price objective of $45.00.
Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Generac Holdlings from a buy rating to a hold rating in a research note on Friday. Zacks Investment Research upgraded shares of Generac Holdlings from a sell rating to a hold rating in a research note on Monday, August 7th. Stifel Nicolaus reiterated a hold rating and issued a $41.00 target price on shares of Generac Holdlings in a research note on Thursday, August 3rd. KeyCorp reiterated a hold rating on shares of Generac Holdlings in a research note on Sunday, September 10th. Finally, Wolfe Research assumed coverage on shares of Generac Holdlings in a research note on Tuesday, July 11th. They issued a market perform rating for the company. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $44.67.
Generac Holdlings (NYSE:GNRC) traded up 4.91% during trading on Friday, hitting $45.28. The stock had a trading volume of 2,011,527 shares. The stock has a 50 day moving average price of $39.05 and a 200 day moving average price of $37.07. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 27.05 and a beta of 1.39. Generac Holdlings has a 12-month low of $33.77 and a 12-month high of $45.61.
Generac Holdlings (NYSE:GNRC) last issued its earnings results on Wednesday, August 2nd. The technology company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.05. Generac Holdlings had a net margin of 7.00% and a return on equity of 46.60%. The business had revenue of $395.40 million during the quarter, compared to the consensus estimate of $383.14 million. During the same period last year, the business posted $0.64 EPS. Generac Holdlings’s revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that Generac Holdlings will post $2.96 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 that occurred on Tuesday, August 1st. The shares were sold at an average price of $35.68, for a total transaction of $178,400.00. Following the completion of the sale, the chief executive officer now directly owns 1,044,911 shares in the company, valued at $37,282,424.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 15,000 shares of company stock valued at $563,100 over the last 90 days. Company insiders own 3.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. EdgePoint Investment Group Inc. lifted its position in Generac Holdlings by 13.9% during the second quarter. EdgePoint Investment Group Inc. now owns 8,775,546 shares of the technology company’s stock worth $317,060,000 after acquiring an additional 1,069,401 shares during the last quarter. Vanguard Group Inc. lifted its position in Generac Holdlings by 3.6% during the first quarter. Vanguard Group Inc. now owns 5,162,329 shares of the technology company’s stock worth $192,452,000 after acquiring an additional 177,943 shares during the last quarter. BlackRock Inc. lifted its position in Generac Holdlings by 13,069.4% during the first quarter. BlackRock Inc. now owns 4,157,858 shares of the technology company’s stock worth $155,006,000 after acquiring an additional 4,126,286 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Generac Holdlings by 29.0% during the second quarter. JPMorgan Chase & Co. now owns 2,294,301 shares of the technology company’s stock worth $82,893,000 after acquiring an additional 515,905 shares during the last quarter. Finally, FMR LLC lifted its position in Generac Holdlings by 2.2% during the first quarter. FMR LLC now owns 2,032,333 shares of the technology company’s stock worth $75,765,000 after acquiring an additional 44,633 shares during the last quarter. 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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