Bank of America Cuts Generac (NYSE:GNRC) Price Target to $224.00

Generac (NYSE:GNRC) had its target price reduced by Bank of America from $236.00 to $224.00 in a report issued on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the technology company’s stock.

Several other equities research analysts have also recently weighed in on the company. Canaccord Genuity Group restated a “buy” rating and set a $240.00 target price on shares of Generac in a report on Thursday, October 30th. Citigroup dropped their price objective on Generac from $217.00 to $207.00 and set a “neutral” rating for the company in a research note on Monday, November 3rd. Wall Street Zen downgraded shares of Generac from a “buy” rating to a “hold” rating in a research note on Sunday, September 28th. Barclays upped their price target on shares of Generac from $188.00 to $197.00 and gave the company an “equal weight” rating in a report on Friday, October 31st. Finally, Zacks Research raised shares of Generac from a “strong sell” rating to a “hold” rating in a report on Wednesday, December 3rd. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $198.44.

Generac Price Performance

Shares of Generac stock opened at $152.87 on Wednesday. The stock has a market capitalization of $8.97 billion, a price-to-earnings ratio of 29.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.82. The company has a fifty day moving average of $150.07 and a 200-day moving average of $165.88. Generac has a 52-week low of $99.50 and a 52-week high of $203.25. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 2.18.

Generac (NYSE:GNRC) last posted its quarterly earnings results on Wednesday, October 29th. The technology company reported $1.83 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.42). Generac had a return on equity of 17.63% and a net margin of 6.92%.The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the firm earned $2.25 earnings per share. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. Equities research analysts expect that Generac will post 8 EPS for the current year.

Insider Buying and Selling at Generac

In related news, CEO Aaron Jagdfeld sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $166.43, for a total transaction of $832,150.00. Following the transaction, the chief executive officer owned 542,966 shares in the company, valued at $90,365,831.38. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GNRC. State Street Corp lifted its stake in shares of Generac by 2.1% in the 2nd quarter. State Street Corp now owns 2,189,927 shares of the technology company’s stock valued at $313,619,000 after purchasing an additional 45,592 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Generac by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,138,139 shares of the technology company’s stock valued at $355,530,000 after buying an additional 324,809 shares in the last quarter. Invesco Ltd. grew its position in shares of Generac by 40.9% in the 2nd quarter. Invesco Ltd. now owns 1,992,447 shares of the technology company’s stock worth $285,338,000 after buying an additional 577,933 shares during the period. Boston Partners increased its stake in shares of Generac by 7.1% in the 3rd quarter. Boston Partners now owns 1,947,332 shares of the technology company’s stock worth $326,003,000 after acquiring an additional 128,439 shares in the last quarter. Finally, Ariel Investments LLC increased its stake in shares of Generac by 11.7% in the 2nd quarter. Ariel Investments LLC now owns 1,804,595 shares of the technology company’s stock worth $258,436,000 after acquiring an additional 188,717 shares in the last quarter. Hedge funds and other institutional investors own 84.04% of the company’s stock.

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.