Redwood Grove Capital LLC Buys New Holdings in Generac Holdings Inc. $GNRC

Redwood Grove Capital LLC purchased a new stake in shares of Generac Holdings Inc. (NYSE:GNRC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 42,280 shares of the technology company’s stock, valued at approximately $12,380,000. Generac accounts for 3.1% of Redwood Grove Capital LLC’s portfolio, making the stock its 17th largest holding. Redwood Grove Capital LLC owned approximately 0.07% of Generac at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Palisade Capital Management LP purchased a new stake in shares of Generac during the 2nd quarter worth about $213,000. Canada Pension Plan Investment Board purchased a new stake in Generac during the second quarter worth approximately $10,922,000. Legal & General Group Plc acquired a new stake in shares of Generac in the second quarter worth $56,024,000. The Manufacturers Life Insurance Company purchased a new position in shares of Generac in the 2nd quarter valued at $68,201,000. Finally, Park Presidio Capital LLC acquired a new position in shares of Generac during the 2nd quarter valued at $158,140,000. 84.04% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Norman P. Taffe sold 550 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $218.83, for a total transaction of $120,356.50. Following the sale, the insider directly owned 15,508 shares in the company, valued at approximately $3,393,615.64. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kyle Andrew Raabe sold 586 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $213.35, for a total value of $125,023.10. Following the completion of the sale, the insider directly owned 10,746 shares in the company, valued at approximately $2,292,659.10. This trade represents a 5.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,236 shares of company stock valued at $2,871,273 over the last quarter. Insiders own 2.40% of the company’s stock.

Generac Price Performance

Shares of GNRC opened at $202.27 on Wednesday. Generac Holdings Inc. has a 52 week low of $134.80 and a 52 week high of $296.44. The company has a current ratio of 2.04, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 1.73 and a beta of 1.92. The stock has a 50 day moving average of $231.03 and a 200-day moving average of $230.13.

Generac (NYSE:GNRC) last posted its quarterly earnings results on Wednesday, July 29th. The technology company reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.90. Generac had a return on equity of 17.83% and a net margin of 5.82%.The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the company posted $1.65 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. As a group, analysts forecast that Generac Holdings Inc. will post 9.78 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GNRC. Canaccord Genuity Group lowered their price target on Generac from $325.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Zacks Research raised Generac from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. TD Cowen reaffirmed a “buy” rating on shares of Generac in a research report on Monday, July 20th. JPMorgan Chase & Co. increased their target price on Generac from $229.00 to $267.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings raised Generac from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Generac has an average rating of “Moderate Buy” and a consensus price target of $284.84.

Generac Company Profile

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.