Bank of New York Mellon Corp Invests $90.87 Million in Generac Holdings Inc. $GNRC

Bank of New York Mellon Corp bought a new stake in Generac Holdings Inc. (NYSE:GNRC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 310,343 shares of the technology company's stock, valued at approximately $90,872,000. Bank of New York Mellon Corp owned 0.53% of Generac at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Focus Partners Advisor Solutions LLC bought a new position in shares of Generac during the second quarter worth about $478,000. State of Wyoming bought a new stake in Generac in the 2nd quarter valued at approximately $459,000. S&CO Inc. acquired a new position in shares of Generac during the 2nd quarter worth about $469,000. Avalon Trust Co acquired a new position in Generac during the second quarter worth $48,000. Finally, Dagco Inc. acquired a new position in Generac during the second quarter worth approximately $317,000. 84.04% of the stock is currently owned by institutional investors and hedge funds.

Generac Stock Performance

Shares of GNRC opened at $203.66 on Tuesday. The firm has a market capitalization of $12.02 billion, a P/E ratio of 46.93, a P/E/G ratio of 1.75 and a beta of 1.92. Generac Holdings Inc. has a 52 week low of $134.80 and a 52 week high of $296.44. The stock has a 50 day moving average price of $232.30 and a two-hundred day moving average price of $229.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.00 and a current ratio of 2.04.

Generac (NYSE:GNRC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The technology company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.90. The company had revenue of $1.17 billion during 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 revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.65 earnings per share. Equities analysts forecast that Generac Holdings Inc. will post 9.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on GNRC shares. Weiss Ratings raised Generac from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 5th. TD Cowen restated a "buy" rating on shares of Generac in a research report on Monday, July 20th. Barclays dropped their price target on Generac from $285.00 to $278.00 and set an "equal weight" rating for the company in a research note on Thursday, July 30th. Cantor Fitzgerald upped their price objective on shares of Generac from $325.00 to $333.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Finally, Needham & Company LLC increased their price objective on shares of Generac from $282.00 to $283.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $284.84.

Insider Transactions at Generac

In related news, CEO Aaron Jagdfeld sold 5,000 shares of the company's 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 transaction, the chief executive officer directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kyle Andrew Raabe sold 586 shares of Generac stock in a transaction on Friday, August 7th. The stock was sold at an average price of $213.35, for a total value of $125,023.10. Following the completion of the sale, the insider directly owned 10,746 shares of the company's stock, valued at $2,292,659.10. The trade was a 5.17% decrease in their position. 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 90 days, insiders have sold 12,236 shares of company stock worth $2,871,273. Insiders own 2.40% 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.

Want to see what other hedge funds are holding GNRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Generac Holdings Inc. (NYSE:GNRC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source