Carmel Capital Management L.L.C. Acquires New Holdings in Generac Holdings Inc. $GNRC

Key Points

• Carmel Capital Management opened a 40,150-share position in Generac during the third quarter, valued at about $8.3 million and representing roughly 2% of its portfolio. Institutional investors collectively own 84.04% of the company’s shares.
• Analysts rate Generac a “Moderate Buy” on average, with a consensus price target of $290.41; recent recommendations range from neutral to overweight.
• Generac’s latest quarterly EPS of $2.54 beat the $2.40 consensus, while revenue of $1.29 billion fell short of estimates. Revenue increased 16.2% year over year.

Carmel Capital Management L.L.C. bought a new stake in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 40,150 shares of the technology company's stock, valued at approximately $8,309,000. Generac comprises approximately 2.0% of Carmel Capital Management L.L.C.'s portfolio, making the stock its 20th biggest holding. Carmel Capital Management L.L.C. owned about 0.07% of Generac at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GNRC. Summit Wealth Group LLC Co. bought a new stake in shares of Generac during the 3rd quarter worth approximately $205,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Generac in the 3rd quarter valued at $3,935,000. Vise Technologies Inc. increased its stake in Generac by 23.1% in the third quarter. Vise Technologies Inc. now owns 1,788 shares of the technology company's stock worth $370,000 after purchasing an additional 336 shares during the period. MGO One Seven LLC increased its stake in Generac by 54.8% in the third quarter. MGO One Seven LLC now owns 5,463 shares of the technology company's stock worth $1,131,000 after purchasing an additional 1,934 shares during the period. Finally, State of Wyoming increased its stake in Generac by 81.2% in the third quarter. State of Wyoming now owns 2,843 shares of the technology company's stock worth $588,000 after purchasing an additional 1,274 shares during the period. 84.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GNRC. Wells Fargo & Company set a $280.00 price target on shares of Generac in a report on Thursday, September 17th. Roth Capital raised their target price on shares of Generac from $214.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, September 17th. Piper Sandler lowered their price target on Generac from $303.00 to $279.00 and set an "overweight" rating for the company in a report on Friday, October 23rd. Citigroup increased their price objective on Generac from $232.00 to $235.00 and gave the stock a "neutral" rating in a research note on Friday, October 30th. Finally, Stephens reissued an "overweight" rating and issued a $335.00 price objective on shares of Generac in a research note on Thursday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Generac has an average rating of "Moderate Buy" and an average price target of $290.41.

Insider Buying and Selling

In related news, CEO Aaron Jagdfeld sold 5,000 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $182.21, for a total transaction of $911,050.00. Following the transaction, the chief executive officer directly owned 549,528 shares of the company's stock, valued at $100,129,496.88. This represents a 0.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman Taffe sold 400 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $188.70, for a total value of $75,480.00. Following the completion of the sale, the insider owned 11,276 shares of the company's stock, valued at approximately $2,127,781.20. This trade represents a 3.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 12,892 shares of company stock worth $2,561,730 in the last ninety days. 2.40% of the stock is owned by insiders.

Generac Stock Up 3.6%

NYSE:GNRC opened at $209.37 on Wednesday. Generac Holdings Inc. has a fifty-two week low of $134.80 and a fifty-two week high of $296.44. The stock has a market capitalization of $12.36 billion, a P/E ratio of 22.80, a P/E/G ratio of 1.72 and a beta of 1.86. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.06 and a current ratio of 1.97. The company's 50-day simple moving average is $199.20 and its 200-day simple moving average is $217.96.

Generac (NYSE:GNRC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The technology company reported $2.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.14. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.32 billion. Generac had a net margin of 6.52% and a return on equity of 18.78%. The company's quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.83 EPS. On average, equities analysts anticipate that Generac Holdings Inc. will post 9.80 earnings per share for the current fiscal year.

Generac Profile

Generac Holdings Inc is a technology and energy solutions company that designs and manufactures power generation equipment and other energy-related products. Its offerings include standby and portable generators, commercial and industrial power systems, energy storage solutions, and products that help customers manage and monitor energy use.

The company serves residential, commercial, industrial, and utility customers. Its products are used for backup power, prime power, and distributed energy applications across homes, businesses, data centers, healthcare facilities, construction sites, and other critical operations.

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