Generac (NYSE:GNRC) Shares Down 5.8% – Here’s What Happened

Generac Holdings Inc. (NYSE:GNRC)’s stock price was down 5.8% during mid-day trading on Thursday . The stock traded as low as $195.95 and last traded at $194.7230. Approximately 768,248 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 1,030,179 shares. The stock had previously closed at $206.62.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Zacks Research upgraded Generac from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Weiss Ratings upgraded Generac from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 5th. Raymond James Financial set a $302.00 target price on Generac in a report on Friday, May 22nd. Cantor Fitzgerald lifted their price target on Generac from $325.00 to $333.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, Robert W. Baird set a $305.00 price target on Generac in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $284.84.

Generac Stock Down 7.2%

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 business’s fifty day moving average price is $229.81 and its 200 day moving average price is $230.37. The company has a market capitalization of $11.31 billion, a P/E ratio of 44.08, a P/E/G ratio of 1.72 and a beta of 1.92.

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

Insider Buying and Selling at Generac

In other news, insider Norman P. Taffe sold 550 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $218.83, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aaron Jagdfeld sold 5,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.89, for a total value of $974,450.00. Following the completion of the transaction, the chief executive officer directly owned 554,528 shares of the company’s stock, valued at approximately $108,071,961.92. The trade was a 0.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 12,236 shares of company stock valued at $2,871,273. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GNRC. Callan Family Office LLC bought a new position in shares of Generac during the 2nd quarter valued at about $3,033,000. Hsbc Holdings PLC increased its stake in Generac by 42.8% during the 4th quarter. Hsbc Holdings PLC now owns 93,080 shares of the technology company’s stock worth $12,711,000 after purchasing an additional 27,893 shares in the last quarter. Patton Fund Management Inc. bought a new stake in Generac during the 1st quarter worth approximately $3,797,000. Needham Investment Management LLC raised its holdings in Generac by 213.6% during the 4th quarter. Needham Investment Management LLC now owns 34,500 shares of the technology company’s stock worth $4,705,000 after buying an additional 23,500 shares during the period. Finally, BOK Financial Private Wealth Inc. acquired a new stake in Generac during the 4th quarter worth approximately $699,000. 84.04% of the stock is currently owned by institutional investors and hedge funds.

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.