Bamco Inc. NY Acquires New Shares in Holley Inc. $HLLY

Bamco Inc. NY purchased a new position in shares of Holley Inc. (NYSE:HLLY - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,250,000 shares of the company's stock, valued at approximately $8,288,000. Bamco Inc. NY owned about 2.68% of Holley at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in HLLY. Blue Owl Capital Holdings LP bought a new stake in shares of Holley in the 2nd quarter valued at $11,161,000. Dimensional Fund Advisors LP increased its position in shares of Holley by 25.4% during the first quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company's stock valued at $7,512,000 after acquiring an additional 495,923 shares during the last quarter. Wasatch Advisors LP raised its position in Holley by 35.1% in the second quarter. Wasatch Advisors LP now owns 4,887,038 shares of the company's stock worth $12,462,000 after acquiring an additional 1,269,256 shares during the period. Hillsdale Investment Management Inc. lifted its position in shares of Holley by 76,322.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company's stock valued at $7,891,000 after buying an additional 1,908,061 shares during the last quarter. Finally, State of Wyoming lifted its stake in shares of Holley by 292.8% during the 1st quarter. State of Wyoming now owns 125,425 shares of the company's stock valued at $385,000 after buying an additional 93,497 shares in the last quarter. Institutional investors and hedge funds own 39.70% of the company's stock.

Holley Stock Performance

HLLY opened at $2.96 on Friday. The company has a 50 day simple moving average of $2.73 and a two-hundred day simple moving average of $3.01. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.06 and a quick ratio of 1.39. The firm has a market cap of $359.45 million, a P/E ratio of 37.06 and a beta of 1.31. Holley Inc. has a 1-year low of $2.33 and a 1-year high of $4.48.

Holley (NYSE:HLLY - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. The company had revenue of $172.01 million for the quarter, compared to analysts' expectations of $172.63 million. Holley had a net margin of 1.68% and a return on equity of 8.41%. Equities analysts forecast that Holley Inc. will post 0.39 earnings per share for the current fiscal year.

Holley announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 26th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Canaccord Genuity Group reissued a "buy" rating and set a $7.00 price objective on shares of Holley in a research note on Monday, June 29th. Zacks Research raised shares of Holley from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Weiss Ratings lowered shares of Holley from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Raymond James Financial set a $4.00 price target on shares of Holley in a research report on Thursday, May 7th. Finally, Freedom Capital downgraded shares of Holley from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $4.90.

Holley Company Profile

Holley Inc is a designer, manufacturer and marketer of high‐performance automotive products for the enthusiast market. Through its portfolio of well‐known brands, the company develops fuel delivery systems, intake manifolds, ignition components, nitrous oxide systems, digital controls and other engine‐dress accessories tailored to both street and competition applications. Holley's products are sold through a network of domestic and international distributors, retailers and directly to professional race teams and hobbyists.

The company's product offerings span mechanical and electronic fuel injection, carburetion, engine management, add‐on power systems and calibration tools.

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