Generac Holdings Inc. (NYSE:GNRC – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $246.19 and last traded at $240.6460, with a volume of 142014 shares trading hands. The stock had previously closed at $217.12.
The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.47. Generac had a net margin of 3.79% and a return on equity of 14.55%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.26 EPS.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Generac in a research note on Thursday, January 22nd. Canaccord Genuity Group boosted their target price on shares of Generac from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, April 1st. TD Cowen upped their price objective on shares of Generac from $220.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Guggenheim restated a “neutral” rating and set a $202.00 price objective on shares of Generac in a research report on Tuesday, February 10th. Finally, Wells Fargo & Company upped their price objective on shares of Generac from $234.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $233.94.
Insider Activity at Generac
In other news, CFO York A. Ragen sold 24,362 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $235.61, for a total value of $5,739,930.82. Following the completion of the sale, the chief financial officer directly owned 137,182 shares in the company, valued at $32,321,451.02. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is owned by company insiders.
Institutional Investors Weigh In On Generac
Hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Generac in the third quarter valued at about $26,000. 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 during the period. First Horizon Corp purchased a new position in Generac during the third quarter worth about $28,000. MUFG Securities EMEA plc purchased a new position in Generac during the second quarter worth about $25,000. Finally, GHP Investment Advisors Inc. purchased a new position in Generac during the first quarter worth about $36,000. Hedge funds and other institutional investors own 84.04% of the company’s stock.
Generac Trading Up 15.0%
The company has a debt-to-equity ratio of 0.48, a current ratio of 2.03 and a quick ratio of 1.00. The company has a market cap of $14.64 billion, a PE ratio of 93.84, a price-to-earnings-growth ratio of 2.18 and a beta of 1.78. The company’s 50 day simple moving average is $210.40 and its two-hundred day simple moving average is $180.65.
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.
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