Shares of Generac Holdings Inc. (NYSE:GNRC) rose 5.9% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $54.07 and last traded at $53.72. Approximately 1,194,657 shares traded hands during trading, an increase of 142% from the average daily volume of 494,493 shares. The stock had previously closed at $50.73.
The technology company reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.35. Generac had a return on equity of 46.62% and a net margin of 11.18%. The business had revenue of $559.52 million for the quarter, compared to analyst estimates of $502.94 million. During the same quarter in the prior year, the company posted $0.92 EPS. The company’s quarterly revenue was up 22.7% on a year-over-year basis.
GNRC has been the topic of several recent analyst reports. Goldman Sachs Group raised Generac from a “sell” rating to a “neutral” rating in a research note on Thursday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $60.00 price target on shares of Generac in a research note on Wednesday, August 1st. Zacks Investment Research raised Generac from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Canaccord Genuity upped their price target on Generac from $58.00 to $62.00 and gave the company a “hold” rating in a research note on Tuesday, September 11th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $54.00 price target on shares of Generac in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Generac currently has a consensus rating of “Hold” and a consensus target price of $56.23.
In related news, EVP Patrick John Forsythe sold 45,150 shares of the stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $57.05, for a total transaction of $2,575,807.50. Following the transaction, the executive vice president now owns 25,835 shares of the company’s stock, valued at approximately $1,473,886.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Russell S. Minick sold 9,000 shares of the stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $54.86, for a total value of $493,740.00. Following the transaction, the insider now directly owns 16,353 shares in the company, valued at approximately $897,125.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,150 shares of company stock worth $5,285,748. 3.00% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Fuller & Thaler Asset Management Inc. increased its holdings in Generac by 1.2% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 78,857 shares of the technology company’s stock worth $4,079,000 after purchasing an additional 958 shares during the period. Wellington Shields Capital Management LLC increased its holdings in Generac by 15.9% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 7,300 shares of the technology company’s stock worth $378,000 after purchasing an additional 1,000 shares during the period. Victory Capital Management Inc. increased its holdings in Generac by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 7,870 shares of the technology company’s stock worth $407,000 after purchasing an additional 1,081 shares during the period. Amalgamated Bank increased its holdings in Generac by 13.9% during the 2nd quarter. Amalgamated Bank now owns 9,249 shares of the technology company’s stock worth $478,000 after purchasing an additional 1,130 shares during the period. Finally, Colony Group LLC increased its holdings in Generac by 3.4% during the 2nd quarter. Colony Group LLC now owns 34,808 shares of the technology company’s stock worth $1,801,000 after purchasing an additional 1,145 shares during the period. 97.67% of the stock is currently owned by hedge funds and other institutional investors.
The company has a quick ratio of 0.94, a current ratio of 1.94 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 1.87 and a beta of 1.43.
About Generac (NYSE:GNRC)
Generac Holdings Inc designs, manufactures, and sells power generation equipment and other engine powered 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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