BlackRock Inc. Acquires Shares of 5,631,764 Holley Inc. $HLLY

BlackRock Inc. bought a new stake in Holley Inc. (NYSE:HLLY - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,631,764 shares of the company's stock, valued at approximately $14,361,000. BlackRock Inc. owned about 4.64% of Holley as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Cerity Partners LLC acquired a new position in Holley in the 2nd quarter valued at about $25,000. Schonfeld Strategic Advisors LLC purchased a new position in Holley in the 3rd quarter valued at $34,000. Chicago Partners Investment Group LLC purchased a new position in Holley in the 1st quarter valued at $35,000. Sherbrooke Park Advisers LLC acquired a new position in Holley in the 3rd quarter valued at $38,000. Finally, Captrust Financial Advisors purchased a new position in Holley during the 2nd quarter worth $44,000. Institutional investors and hedge funds own 39.70% of the company's stock.

Holley Stock Up 5.8%

HLLY stock opened at $3.10 on Friday. The company has a current ratio of 3.06, a quick ratio of 1.39 and a debt-to-equity ratio of 1.15. The company's 50-day moving average price is $2.79 and its 200 day moving average price is $2.97. Holley Inc. has a 52 week low of $2.33 and a 52 week high of $4.48. The company has a market cap of $375.81 million, a P/E ratio of 38.75 and a beta of 1.32.

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

Holley declared that its board has authorized a stock buyback plan on Tuesday, May 26th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the company to repurchase up to 8.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HLLY. Wall Street Zen raised shares of Holley from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Raymond James Financial set a $4.00 price objective on Holley in a report on Thursday, May 7th. Zacks Research upgraded Holley from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Canaccord Genuity Group reissued a "buy" rating and set a $7.00 target price on shares of Holley in a research note on Monday, June 29th. Finally, Benchmark reduced their price target on Holley from $4.50 to $4.00 and set a "buy" rating for the company in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus 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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