Carnegie Investment Counsel Makes New $1.34 Million Investment in Generac Holdings Inc. $GNRC

Key Points

• Carnegie Investment Counsel initiated a $1.34 million position in Generac, purchasing 6,478 shares during the third quarter. Institutional investors collectively own 84.04% of GNRC.
• Analysts maintain a generally positive outlook, with Generac receiving a consensus “Moderate Buy” rating and an average price target of $290.55; several firms recently raised their targets.
• Generac shares opened at $187.64, down 7.6%, while the company’s latest quarterly results beat earnings expectations with $2.91 EPS and year-over-year revenue growth of 10.3%.

Carnegie Investment Counsel bought a new stake in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,478 shares of the technology company's stock, valued at approximately $1,341,000.

Several other institutional investors and hedge funds have also bought and sold shares of GNRC. Diversify Advisory Services LLC grew its position in Generac by 33.5% in the 3rd quarter. Diversify Advisory Services LLC now owns 13,047 shares of the technology company's stock valued at $2,589,000 after purchasing an additional 3,275 shares during the period. Miller Financial Services LLC grew its position in Generac by 15.1% in the 3rd quarter. Miller Financial Services LLC now owns 4,226 shares of the technology company's stock worth $875,000 after purchasing an additional 553 shares in the last quarter. Dagco Inc. grew its holdings in shares of Generac by 8.5% in the third quarter. Dagco Inc. now owns 1,173 shares of the technology company's stock valued at $243,000 after acquiring an additional 92 shares in the last quarter. Willis Investment Counsel grew its stake in Generac by 4.8% in the 3rd quarter. Willis Investment Counsel now owns 119,502 shares of the technology company's stock valued at $24,731,000 after purchasing an additional 5,507 shares during the period. Finally, Investment Research Partners LLC grew its position in Generac by 3.9% during the third quarter. Investment Research Partners LLC now owns 1,663 shares of the technology company's stock valued at $344,000 after buying an additional 62 shares during the period. 84.04% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Kyle Raabe sold 603 shares of Generac stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $212.57, for a total value of $128,179.71. Following the transaction, the insider directly owned 9,966 shares of the company's stock, valued at $2,118,472.62. The trade was a 5.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman P. Taffe sold 150 shares of the company's stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $220.00, for a total transaction of $33,000.00. Following the sale, the insider owned 10,976 shares of the company's stock, valued at $2,414,720. This represents a 1.35% 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. Over the last 90 days, insiders sold 18,442 shares of company stock valued at $3,656,537. 2.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Generac from $261.00 to $265.00 and gave the stock an "overweight" rating in a research report on Friday, September 18th. Stifel Nicolaus upped their target price on shares of Generac from $285.00 to $290.00 and gave the stock a "buy" rating in a report on Wednesday, September 30th. Stephens reaffirmed an "overweight" rating and issued a $335.00 price target on shares of Generac in a report on Thursday, September 17th. Roth Capital raised their price objective on shares of Generac from $214.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, September 17th. Finally, UBS Group restated a "buy" rating on shares of Generac in a research report on Friday, September 25th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Generac has a consensus rating of "Moderate Buy" and an average price target of $290.55.

Generac Stock Down 7.6%

Shares of NYSE:GNRC opened at $187.64 on Friday. The stock has a market capitalization of $11.07 billion, a P/E ratio of 24.92, a price-to-earnings-growth ratio of 1.74 and a beta of 1.91. The stock's 50-day moving average price is $200.86 and its 200-day moving average price is $227.10. The company has a current ratio of 2.04, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. Generac Holdings Inc. has a 12-month low of $134.80 and a 12-month high of $296.44.

Generac (NYSE:GNRC - Get Free Report) last released its earnings results on Wednesday, July 29th. The technology company reported $2.91 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.90. Generac had a return on equity of 17.83% and a net margin of 5.82%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the company posted $1.65 EPS. Generac's revenue for the quarter was up 10.3% on a year-over-year basis. On average, equities analysts anticipate that Generac Holdings Inc. will post 9.74 earnings per share for the current year.

About Generac

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.

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.