Waratah Capital Advisors Ltd. lifted its holdings in shares of Generac Holdings Inc. (NYSE:GNRC – Get Rating) by 92.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,404 shares of the technology company’s stock after purchasing an additional 26,593 shares during the quarter. Waratah Capital Advisors Ltd. owned about 0.09% of Generac worth $16,469,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in GNRC. EverSource Wealth Advisors LLC acquired a new stake in Generac in the fourth quarter valued at approximately $33,000. Key Financial Inc acquired a new stake in Generac in the first quarter valued at approximately $29,000. Covestor Ltd acquired a new stake in Generac in the fourth quarter valued at approximately $37,000. SJS Investment Consulting Inc. acquired a new stake in Generac in the first quarter valued at approximately $35,000. Finally, American National Bank raised its holdings in Generac by 59.2% in the first quarter. American National Bank now owns 121 shares of the technology company’s stock valued at $36,000 after acquiring an additional 45 shares in the last quarter. Institutional investors and hedge funds own 88.35% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on GNRC. Roth Capital cut their price objective on shares of Generac from $555.00 to $320.00 and set a “buy” rating on the stock in a report on Tuesday, May 24th. Guggenheim cut their price objective on shares of Generac from $561.00 to $455.00 and set a “buy” rating on the stock in a report on Monday, July 25th. KeyCorp cut their price objective on shares of Generac from $350.00 to $325.00 and set an “overweight” rating on the stock in a report on Thursday, July 21st. JPMorgan Chase & Co. raised their price objective on shares of Generac from $455.00 to $461.00 in a report on Wednesday, July 20th. Finally, Truist Financial lowered their target price on shares of Generac from $425.00 to $365.00 in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Generac has a consensus rating of “Moderate Buy” and a consensus target price of $424.71.
Generac Price Performance
Generac (NYSE:GNRC – Get Rating) last issued its earnings results on Wednesday, August 3rd. The technology company reported $2.99 EPS for the quarter, topping the consensus estimate of $2.65 by $0.34. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.26 billion. Generac had a net margin of 12.28% and a return on equity of 29.42%. The business’s revenue was up 40.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.39 EPS. On average, sell-side analysts expect that Generac Holdings Inc. will post 11.85 earnings per share for the current fiscal year.
Insider Transactions at Generac
In other news, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction on Monday, August 1st. The stock was sold at an average price of $264.96, for a total transaction of $1,324,800.00. Following the completion of the transaction, the chief executive officer now owns 610,975 shares of the company’s stock, valued at approximately $161,883,936. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.80% of the company’s stock.
Generac Holdings Inc designs, manufactures, and sells power generation equipment, energy storage systems, and other power products for the residential, and light commercial and industrial markets worldwide. The company offers engines, alternators, batteries, electronic controls, steel enclosures, and other components.
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