Bank of America Reaffirms Buy Rating for Generac (NYSE:GNRC)

Bank of America reissued their buy rating on shares of Generac (NYSE:GNRC) in a report released on Monday morning, AnalystRatings.com reports. They currently have a $88.00 price objective on the technology company’s stock.

A number of other brokerages also recently commented on GNRC. Zacks Investment Research downgraded Generac from a buy rating to a hold rating in a research report on Wednesday, September 11th. Canaccord Genuity lifted their price objective on Generac from $74.00 to $80.00 and gave the company a hold rating in a research report on Friday, September 6th. Robert W. Baird upgraded Generac from a neutral rating to an outperform rating and lifted their target price for the company from $64.00 to $86.00 in a report on Monday, July 1st. Finally, ValuEngine cut Generac from a buy rating to a hold rating in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $83.20.

Shares of NYSE:GNRC opened at $81.33 on Monday. The company has a market cap of $5.09 billion, a P/E ratio of 17.30, a P/E/G ratio of 2.67 and a beta of 1.18. The company has a quick ratio of 1.00, a current ratio of 2.19 and a debt-to-equity ratio of 1.18. Generac has a 52 week low of $45.43 and a 52 week high of $84.86. The business has a fifty day simple moving average of $75.95 and a 200-day simple moving average of $63.68.

Generac (NYSE:GNRC) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $1.20 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The business had revenue of $541.90 million during the quarter, compared to the consensus estimate of $538.96 million. Generac had a return on equity of 38.99% and a net margin of 12.09%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.11 earnings per share. Sell-side analysts expect that Generac will post 4.8 earnings per share for the current fiscal year.

In related news, EVP Erik Wilde sold 7,587 shares of Generac stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $71.44, for a total value of $542,015.28. Following the transaction, the executive vice president now owns 11,196 shares in the company, valued at $799,842.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Russell S. Minick sold 10,328 shares of Generac stock in a transaction on Friday, August 16th. The shares were sold at an average price of $73.91, for a total value of $763,342.48. Following the completion of the transaction, the insider now owns 24,743 shares in the company, valued at approximately $1,828,755.13. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of GNRC. JPMorgan Chase & Co. lifted its stake in shares of Generac by 48.6% during the second quarter. JPMorgan Chase & Co. now owns 2,962,407 shares of the technology company’s stock worth $206,688,000 after purchasing an additional 969,451 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Generac during the second quarter worth about $51,217,000. Invesco Ltd. lifted its stake in shares of Generac by 601.6% during the second quarter. Invesco Ltd. now owns 589,050 shares of the technology company’s stock worth $40,887,000 after purchasing an additional 505,093 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Generac during the second quarter worth about $31,671,000. Finally, Impax Asset Management Group plc lifted its stake in shares of Generac by 31.8% during the second quarter. Impax Asset Management Group plc now owns 1,352,289 shares of the technology company’s stock worth $93,862,000 after purchasing an additional 326,138 shares in the last quarter. Institutional investors own 95.56% of the company’s stock.

About Generac

Generac Holdings Inc designs, manufactures, and sells power generation equipment and other power 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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Analyst Recommendations for Generac (NYSE:GNRC)

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