Bank of Nova Scotia Increases Stock Holdings in Generac Holdings Inc. $GNRC

Bank of Nova Scotia raised its stake in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) by 89.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,226 shares of the technology company's stock after purchasing an additional 7,652 shares during the quarter. Bank of Nova Scotia's holdings in Generac were worth $3,169,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC raised its stake in Generac by 6.2% in the first quarter. NewEdge Advisors LLC now owns 2,439 shares of the technology company's stock worth $309,000 after buying an additional 142 shares in the last quarter. Woodline Partners LP grew its stake in Generac by 40.9% in the first quarter. Woodline Partners LP now owns 5,036 shares of the technology company's stock worth $638,000 after purchasing an additional 1,463 shares during the period. First Trust Advisors LP grew its stake in Generac by 27.6% in the second quarter. First Trust Advisors LP now owns 101,298 shares of the technology company's stock worth $14,507,000 after purchasing an additional 21,908 shares during the period. Cerity Partners LLC raised its holdings in Generac by 1.6% in the second quarter. Cerity Partners LLC now owns 50,550 shares of the technology company's stock worth $7,239,000 after purchasing an additional 816 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in Generac by 8.6% in the second quarter. California Public Employees Retirement System now owns 104,246 shares of the technology company's stock worth $14,929,000 after purchasing an additional 8,213 shares in the last quarter. 84.04% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Norman P. Taffe sold 550 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $256.00, for a total transaction of $140,800.00. Following the sale, the insider owned 15,808 shares in the company, valued at $4,046,848. This represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aaron Jagdfeld sold 5,000 shares of the business'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 transaction 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. The trade was a 0.88% 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. In the last quarter, insiders have sold 6,100 shares of company stock worth $1,651,443. Corporate insiders own 2.40% of the company's stock.

Generac Price Performance

GNRC opened at $194.52 on Wednesday. The firm has a market cap of $11.45 billion, a PE ratio of 60.98, a P/E/G ratio of 1.85 and a beta of 1.89. The stock has a 50-day moving average price of $254.18 and a 200-day moving average price of $223.96. Generac Holdings Inc. has a 1 year low of $134.80 and a 1 year high of $296.44. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 0.99.

Generac (NYSE:GNRC - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The technology company reported $1.80 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.47. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Generac had a net margin of 4.37% and a return on equity of 15.45%. Generac's revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $1.26 EPS. Sell-side analysts predict that Generac Holdings Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GNRC has been the topic of a number of recent research reports. Zacks Research downgraded shares of Generac from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 4th. Canaccord Genuity Group lifted their price target on shares of Generac from $300.00 to $325.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Stephens reissued an "overweight" rating and set a $290.00 price objective on shares of Generac in a research note on Thursday, May 21st. Stifel Nicolaus set a $275.00 price objective on shares of Generac in a report on Thursday, April 30th. Finally, Weiss Ratings downgraded shares of Generac from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $286.44.

Generac 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.

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