BlackRock Inc. Buys Shares of 3,999,044 Generac Holdings Inc. $GNRC

Key Points

• BlackRock acquired 3,999,044 Generac shares worth approximately $1.17 billion, giving it a 6.78% stake. Institutional investors collectively own 84.04% of the company.
• Analysts remain generally bullish, with Generac receiving a consensus “Moderate Buy” rating and an average price target of $284.84. Recent target increases ranged from $280 to $290.
• Generac’s latest quarterly results exceeded expectations, with EPS of $2.91 versus the $2.01 consensus estimate and year-over-year revenue growth of 10.3%, although the stock opened at $206.51, well below its 52-week high of $296.44.

BlackRock Inc. bought a new position in shares of 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. The institutional investor bought 3,999,044 shares of the technology company's stock, valued at approximately $1,170,960,000. BlackRock Inc. owned approximately 6.78% of Generac at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GNRC. N.E.W. Advisory Services LLC acquired a new stake in shares of Generac during the second quarter valued at $25,000. MUFG Securities EMEA plc purchased a new stake in Generac in the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd purchased a new stake in Generac in the 3rd quarter worth approximately $26,000. Avalon Trust Co acquired a new position in Generac in the 1st quarter valued at $32,000. Finally, Essential Partners LLC raised its holdings in Generac by 57.0% in the 1st quarter. Essential Partners LLC now owns 168 shares of the technology company's stock valued at $33,000 after acquiring an additional 61 shares during the last quarter. Institutional investors and hedge funds own 84.04% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GNRC. Wells Fargo & Company lifted their price target on shares of Generac from $238.00 to $280.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Stifel Nicolaus boosted their price target on shares of Generac from $275.00 to $285.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Generac from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 5th. Argus lifted their target price on Generac from $255.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Finally, Wall Street Zen upgraded Generac from a "hold" rating to a "strong-buy" rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $284.84.

Insider Transactions at Generac

In related news, insider Kyle Andrew Raabe sold 586 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $213.35, for a total transaction of $125,023.10. Following the completion of the transaction, the insider directly owned 10,746 shares of the company's stock, valued at approximately $2,292,659.10. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman P. Taffe sold 550 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $218.83, for a total transaction of $120,356.50. Following the completion of the transaction, the insider owned 15,508 shares in the company, valued at approximately $3,393,615.64. This represents a 3.43% decrease in their ownership of the stock. 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. Insiders sold 12,236 shares of company stock valued at $2,871,273 over the last three months. Company insiders own 2.40% of the company's stock.

Generac Stock Down 0.1%

GNRC opened at $206.51 on Friday. Generac Holdings Inc. has a fifty-two week low of $134.80 and a fifty-two week high of $296.44. The company has a market capitalization of $12.19 billion, a P/E ratio of 47.58, a P/E/G ratio of 1.76 and a beta of 1.92. The firm's fifty day moving average price is $233.63 and its two-hundred day moving average price is $229.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.04 and a quick ratio of 1.00.

Generac (NYSE:GNRC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The technology company reported $2.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.90. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.18 billion. Generac had a return on equity of 17.83% and a net margin of 5.82%.The business's revenue was up 10.3% on a year-over-year basis. During the same period last year, the business earned $1.65 earnings per share. On average, analysts anticipate that Generac Holdings Inc. will post 9.78 EPS for the current year.

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.

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