Bank of America Corp DE Buys 122,101 Shares of Generac Holdings Inc. $GNRC

Key Points

• Bank of America increased its Generac stake by 19.7% in the first quarter, purchasing 122,101 shares to reach 742,576 shares valued at approximately $145 million. Institutional investors collectively own 84.04% of GNRC.
• Generac reported quarterly EPS of $2.91, exceeding the $2.01 consensus estimate, while revenue rose 10.3% year over year to $1.17 billion, narrowly below expectations.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $284.84, although insiders have sold 11,100 shares worth about $2.63 million over the past 90 days.

Bank of America Corp DE boosted its stake in Generac Holdings Inc. (NYSE:GNRC - Free Report) by 19.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 742,576 shares of the technology company's stock after purchasing an additional 122,101 shares during the quarter. Bank of America Corp DE owned about 1.26% of Generac worth $145,047,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GNRC. Invesco Ltd. lifted its stake in Generac by 49.9% in the 4th quarter. Invesco Ltd. now owns 2,423,971 shares of the technology company's stock valued at $330,557,000 after purchasing an additional 806,430 shares during the last quarter. Diamant Asset Management Inc. grew its holdings in Generac by 19,433.0% during the 1st quarter. Diamant Asset Management Inc. now owns 666,075 shares of the technology company's stock worth $130,104,000 after acquiring an additional 662,665 shares during the period. Bank of Montreal Can increased its holdings in Generac by 1,141.1% in the fourth quarter. Bank of Montreal Can now owns 695,600 shares of the technology company's stock worth $94,859,000 after purchasing an additional 639,551 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Generac by 127.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 959,337 shares of the technology company's stock valued at $130,825,000 after acquiring an additional 536,732 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Generac during the fourth quarter valued at about $68,590,000. 84.04% of the stock is currently owned by institutional investors.

Generac Stock Performance

Shares of NYSE GNRC opened at $217.55 on Thursday. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of 50.13, a P/E/G ratio of 1.89 and a beta of 1.92. The company has a current ratio of 2.04, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Generac Holdings Inc. has a 1-year low of $134.80 and a 1-year high of $296.44. The stock's 50-day moving average is $246.84 and its 200 day moving average is $225.96.

Generac (NYSE:GNRC - Get Free Report) last released its earnings results on Wednesday, July 29th. The technology company reported $2.91 EPS for the quarter, beating the consensus estimate of $2.01 by $0.90. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.18 billion. Generac had a net margin of 5.82% and a return on equity of 17.83%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 EPS. On average, sell-side analysts anticipate that Generac Holdings Inc. will post 9.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Aaron Jagdfeld sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $272.18, for a total value of $1,360,900.00. Following the completion of the transaction, the chief executive officer owned 564,528 shares of the company's stock, valued at approximately $153,653,231.04. This represents a 0.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman P. Taffe sold 550 shares of the firm's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $256.00, for a total value of $140,800.00. Following the transaction, the insider directly owned 15,808 shares of the company's stock, valued at $4,046,848. This represents a 3.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 11,100 shares of company stock valued at $2,625,893. 2.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on GNRC. Roth Capital set a $214.00 target price on Generac in a report on Thursday, July 30th. Wall Street Zen upgraded shares of Generac from a "hold" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Wells Fargo & Company raised their target price on Generac from $238.00 to $280.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Zacks Research raised shares of Generac from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on Generac from $229.00 to $267.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Generac presently has a consensus rating of "Moderate Buy" and an average price target of $284.84.

About Generac

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.

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