Generac (GNRC) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Generac (NYSE:GNRC) from a hold rating to a buy rating in a research note released on Wednesday morning. They currently have $58.00 price objective on the technology company’s stock.
According to Zacks, “Generac Holdings Inc. is a manufacturer of backup power generation products serving residential, light commercial and industrial markets. The Company designs, engineers, manufactures, and markets a range of automatic, stationary standby, and portable generators. Generac’s power systems range in output from 800 watts to 9 megawatts and are available through a broad network of independent and industrial dealers, retailers and wholesalers. The Company offers generators fueled by natural gas, liquid propane, gasoline, diesel, and Bi-Fuel. It also provides air-cooled engines. In addition, Generac designs, manufactures, sources and modifies engines, alternators, automatic transfer switches and other components necessary for its products. The Company’s generators are fueled by natural gas, liquid propane, gasoline, diesel and Bi-Fuel (combined diesel and natural gas). Generac Holdings Inc. is headquartered in Waukesha, Wisconsin. “
Several other research analysts also recently issued reports on the company. ValuEngine upgraded Generac from a sell rating to a hold rating in a research report on Wednesday, January 2nd. KeyCorp lifted their price objective on Generac from $60.00 to $62.00 and gave the stock an overweight rating in a research report on Thursday, September 13th. Goldman Sachs Group upgraded Generac from a sell rating to a neutral rating in a research report on Thursday, October 18th. Robert W. Baird lifted their price objective on Generac from $58.00 to $60.00 and gave the stock a neutral rating in a research report on Friday, November 2nd. Finally, Canaccord Genuity lifted their price objective on Generac from $58.00 to $62.00 and gave the stock a hold rating in a research report on Tuesday, September 11th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $56.48.
Generac (NYSE:GNRC) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $1.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.35. The business had revenue of $559.52 million for the quarter, compared to analyst estimates of $502.94 million. Generac had a return on equity of 47.44% and a net margin of 12.45%. The company’s quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.92 EPS. Analysts expect that Generac will post 4.66 EPS for the current fiscal year.
In related news, CEO Aaron Jagdfeld sold 20,000 shares of Generac stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $51.39, for a total transaction of $1,027,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO York A. Ragen sold 36,000 shares of Generac stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $54.84, for a total value of $1,974,240.00. Following the transaction, the chief financial officer now owns 185,108 shares of the company’s stock, valued at $10,151,322.72. The disclosure for this sale can be found here. Insiders have sold a total of 96,000 shares of company stock valued at $5,131,440 over the last 90 days. Insiders own 3.00% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. First Hawaiian Bank raised its holdings in Generac by 71.5% in the 4th quarter. First Hawaiian Bank now owns 1,403 shares of the technology company’s stock valued at $70,000 after acquiring an additional 585 shares during the last quarter. Csenge Advisory Group acquired a new position in Generac in the 3rd quarter valued at $38,000. CIBC World Markets Inc. raised its holdings in Generac by 6.6% in the 3rd quarter. CIBC World Markets Inc. now owns 15,848 shares of the technology company’s stock valued at $894,000 after acquiring an additional 979 shares during the last quarter. Colony Group LLC raised its holdings in Generac by 3.4% in the 2nd quarter. Colony Group LLC now owns 34,808 shares of the technology company’s stock valued at $1,801,000 after acquiring an additional 1,145 shares during the last quarter. Finally, US Bancorp DE raised its holdings in Generac by 21.4% in the 2nd quarter. US Bancorp DE now owns 6,710 shares of the technology company’s stock valued at $348,000 after acquiring an additional 1,183 shares during the last quarter. Institutional investors own 94.88% of the company’s stock.
Generac Holdings Inc designs, manufactures, and sells power generation equipment and other engine powered products for the residential, light commercial, and industrial markets worldwide. The company offers engines, alternators, transfer switches, and other components fueled by natural gas, liquid propane, gasoline, diesel, and bi-fuel.
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