Bank of America Cuts Generac (NYSE:GNRC) Price Target to $248.00

Generac (NYSE:GNRC) had its target price decreased by investment analysts at Bank of America from $260.00 to $248.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Bank of America‘s price target points to a potential upside of 20.80% from the stock’s previous close.

Several other brokerages have also weighed in on GNRC. Canaccord Genuity Group set a $275.00 price objective on Generac in a research report on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Generac in a research report on Thursday, January 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $277.00 price target on shares of Generac in a research note on Thursday. Barclays raised their price objective on Generac from $186.00 to $213.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. Finally, UBS Group restated a “buy” rating and issued a $270.00 price objective on shares of Generac in a report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $227.35.

Generac Trading Down 1.9%

Shares of GNRC opened at $205.30 on Thursday. The company has a current ratio of 2.03, a quick ratio of 1.00 and a debt-to-equity ratio of 0.48. Generac has a 12-month low of $99.50 and a 12-month high of $241.09. The firm has a 50-day moving average price of $199.40 and a 200 day moving average price of $175.53. The firm has a market capitalization of $12.05 billion, a P/E ratio of 76.60, a P/E/G ratio of 1.52 and a beta of 1.74.

Generac (NYSE:GNRC) last issued its earnings results on Wednesday, February 11th. The technology company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.81 by ($0.20). Generac had a return on equity of 14.55% and a net margin of 3.79%.The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period last year, the firm earned $2.80 earnings per share. Generac’s revenue for the quarter was down 11.6% on a year-over-year basis. Sell-side analysts forecast that Generac will post 8 EPS for the current year.

Insider Buying and Selling

In other news, CFO York A. Ragen sold 24,362 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $235.61, for a total transaction of $5,739,930.82. Following the completion of the transaction, the chief financial officer directly owned 137,182 shares in the company, valued at $32,321,451.02. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Generac

Hedge funds have recently bought and sold shares of the company. Nicollet Investment Management Inc. boosted its holdings in Generac by 0.7% during the 4th quarter. Nicollet Investment Management Inc. now owns 7,734 shares of the technology company’s stock valued at $1,055,000 after acquiring an additional 50 shares during the period. Gen Wealth Partners Inc lifted its position in shares of Generac by 8.7% during the fourth quarter. Gen Wealth Partners Inc now owns 675 shares of the technology company’s stock worth $92,000 after purchasing an additional 54 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of Generac by 21.7% in the third quarter. Wilmington Savings Fund Society FSB now owns 331 shares of the technology company’s stock valued at $55,000 after purchasing an additional 59 shares during the period. Meridian Financial Partners LLC boosted its stake in shares of Generac by 0.6% in the fourth quarter. Meridian Financial Partners LLC now owns 10,056 shares of the technology company’s stock valued at $1,371,000 after purchasing an additional 61 shares during the period. Finally, Sentry Investment Management LLC grew its holdings in shares of Generac by 69.8% in the third quarter. Sentry Investment Management LLC now owns 163 shares of the technology company’s stock valued at $28,000 after purchasing an additional 67 shares in the last quarter. Institutional investors and hedge funds own 84.04% of the company’s stock.

About Generac

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.