Generac (NYSE:GNRC) Lowered to “Hold” at Zacks Investment Research
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. “
A number of other brokerages also recently issued reports on GNRC. Robert W. Baird upgraded shares of Generac from a neutral rating to an outperform rating and lifted their price target for the company from $64.00 to $86.00 in a report on Monday, July 1st. Bank of America reiterated a buy rating and issued a $83.00 price target (up from $75.00) on shares of Generac in a report on Thursday, June 27th. Finally, ValuEngine downgraded shares of Generac from a buy rating to a hold rating in a report on Thursday, August 1st. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $73.83.
Generac (NYSE:GNRC) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $541.90 million for the quarter, compared to the consensus estimate of $538.96 million. Generac had a net margin of 12.09% and a return on equity of 38.99%. Generac’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.11 EPS. As a group, analysts forecast that Generac will post 4.73 EPS for the current fiscal year.
In other news, insider Russell S. Minick sold 10,328 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $73.91, for a total value of $763,342.48. Following the sale, the insider now directly owns 24,743 shares in the company, valued at approximately $1,828,755.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Erik Wilde sold 7,587 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $71.44, for a total transaction of $542,015.28. Following the completion of the sale, the executive vice president now owns 11,196 shares in the company, valued at $799,842.24. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in shares of Generac by 48.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,962,407 shares of the technology company’s stock worth $206,688,000 after buying an additional 969,451 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Generac by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,647,288 shares of the technology company’s stock worth $81,870,000 after buying an additional 33,794 shares during the last quarter. Investec Asset Management LTD increased its holdings in shares of Generac by 2.6% in the 2nd quarter. Investec Asset Management LTD now owns 1,478,640 shares of the technology company’s stock worth $102,632,000 after buying an additional 37,105 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Generac by 0.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,467,317 shares of the technology company’s stock worth $101,846,000 after buying an additional 8,206 shares during the last quarter. Finally, Impax Asset Management Group plc increased its holdings in shares of Generac by 31.8% in the 2nd quarter. Impax Asset Management Group plc now owns 1,352,289 shares of the technology company’s stock worth $93,862,000 after buying an additional 326,138 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.
Generac Holdings Inc designs, manufactures, and sells power generation equipment and other power 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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