Holley (NYSE:HLLY) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Holley (NYSE:HLLY) from a hold rating to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Several other equities analysts also recently issued reports on the company. Benchmark reduced their price objective on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Weiss Ratings cut Holley from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 6th. Raymond James Financial set a $4.00 target price on Holley in a research note on Thursday, May 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Holley in a research report on Monday, June 29th. Finally, Freedom Capital upgraded Holley to a “strong-buy” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.90.

Holley Stock Down 1.1%

Holley stock opened at $3.12 on Monday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. Holley has a one year low of $2.33 and a one year high of $4.48. The company has a 50-day simple moving average of $2.62 and a 200-day simple moving average of $3.10. The firm has a market capitalization of $378.35 million, a P/E ratio of 38.94 and a beta of 1.31.

Holley (NYSE:HLLY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.08. Holley had a net margin of 1.68% and a return on equity of 8.41%. The firm had revenue of $172.01 million for the quarter, compared to the consensus estimate of $172.63 million. As a group, equities analysts expect that Holley will post 0.39 earnings per share for the current year.

Holley announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG boosted its position in shares of Holley by 7.2% during the 4th quarter. Deutsche Bank AG now owns 48,294 shares of the company’s stock valued at $199,000 after purchasing an additional 3,251 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Holley by 37.1% in the 4th quarter. ProShare Advisors LLC now owns 13,961 shares of the company’s stock worth $58,000 after purchasing an additional 3,777 shares in the last quarter. State Street Corp lifted its stake in Holley by 0.3% during the fourth quarter. State Street Corp now owns 1,141,534 shares of the company’s stock valued at $4,715,000 after purchasing an additional 3,788 shares during the last quarter. Verition Fund Management LLC lifted its stake in Holley by 10.7% during the fourth quarter. Verition Fund Management LLC now owns 47,831 shares of the company’s stock valued at $198,000 after purchasing an additional 4,638 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Holley by 16.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,542 shares of the company’s stock worth $65,000 after buying an additional 4,661 shares in the last quarter. 39.70% of the stock is currently owned by institutional investors.

Holley Company Profile

Holley Inc is a designer, manufacturer and marketer of high‐performance automotive products for the enthusiast market. Through its portfolio of well‐known brands, the company develops fuel delivery systems, intake manifolds, ignition components, nitrous oxide systems, digital controls and other engine‐dress accessories tailored to both street and competition applications. Holley’s products are sold through a network of domestic and international distributors, retailers and directly to professional race teams and hobbyists.

The company’s product offerings span mechanical and electronic fuel injection, carburetion, engine management, add‐on power systems and calibration tools.