Empowered Funds LLC Takes $1.50 Million Position in Holley Inc. $HLLY

Empowered Funds LLC purchased a new stake in shares of Holley Inc. (NYSE:HLLY) during the second quarter, Holdings Channel.com reports. The fund purchased 588,016 shares of the company’s stock, valued at approximately $1,499,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in Holley by 1.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company’s stock worth $30,749,000 after purchasing an additional 122,331 shares in the last quarter. Boston Partners lifted its position in shares of Holley by 59.2% during the 3rd quarter. Boston Partners now owns 7,652,545 shares of the company’s stock worth $24,028,000 after buying an additional 2,845,009 shares in the last quarter. Wasatch Advisors LP purchased a new position in shares of Holley in the 3rd quarter worth approximately $18,762,000. BlackRock Inc. bought a new position in shares of Holley in the second quarter valued at approximately $14,361,000. Finally, Blue Owl Capital Holdings LP bought a new position in shares of Holley in the second quarter valued at approximately $11,161,000. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Zacks Research upgraded Holley from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Benchmark decreased their target price on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Freedom Capital cut Holley from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Wall Street Zen raised shares of Holley from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Weiss Ratings lowered shares of Holley from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Holley has a consensus rating of “Moderate Buy” and an average target price of $4.90.

Holley Stock Performance

NYSE:HLLY opened at $3.10 on Friday. The business’s fifty day moving average is $2.79 and its 200 day moving average is $2.97. Holley Inc. has a 52-week low of $2.33 and a 52-week high of $4.48. The firm has a market cap of $375.81 million, a price-to-earnings ratio of 38.75 and a beta of 1.32. 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 (NYSE:HLLY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 EPS 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 company had revenue of $172.01 million during the quarter, compared to analysts’ expectations of $172.63 million. Research analysts predict that Holley Inc. will post 0.39 EPS for the current year.

Holley announced that its board has authorized a stock repurchase plan on Tuesday, May 26th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Holley 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.