Generac Holdings Inc. (NYSE:GNRC) Shares Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel sold 2,190 shares of Generac Holdings Inc., reducing its stake by 7.8% to a total of 25,890 shares valued at approximately $3.28 million.
• Generac's quarterly earnings exceeded estimates, reporting an EPS of $1.26 against a consensus estimate of $0.99, with revenue of $942.12 million, up 5.9% year-over-year.
• Analysts have given Generac a consensus rating of "Moderate Buy" with a price target of $164.58, amidst mixed reviews in recent research reports.

Carnegie Investment Counsel lowered its stake in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,890 shares of the technology company's stock after selling 2,190 shares during the quarter. Carnegie Investment Counsel's holdings in Generac were worth $3,279,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Generac during the fourth quarter worth about $90,913,000. Arrowstreet Capital Limited Partnership increased its holdings in Generac by 81.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,042,785 shares of the technology company's stock valued at $161,684,000 after buying an additional 469,575 shares during the last quarter. Forest Avenue Capital Management LP purchased a new stake in shares of Generac in the fourth quarter worth $49,313,000. Raymond James Financial Inc. purchased a new position in Generac during the fourth quarter valued at $46,785,000. Finally, DAVENPORT & Co LLC grew its stake in Generac by 77.3% during the first quarter. DAVENPORT & Co LLC now owns 473,047 shares of the technology company's stock valued at $60,077,000 after acquiring an additional 206,311 shares in the last quarter. Hedge funds and other institutional investors own 84.04% of the company's stock.

Insider Activity

In other news, CEO Aaron Jagdfeld sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $142.40, for a total transaction of $712,000.00. Following the transaction, the chief executive officer directly owned 562,966 shares in the company, valued at approximately $80,166,358.40. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company's stock.

Generac Stock Up 0.1%

NYSE:GNRC traded up $0.08 during mid-day trading on Monday, hitting $157.04. The stock had a trading volume of 279,364 shares, compared to its average volume of 878,060. The stock has a 50-day simple moving average of $136.99 and a two-hundred day simple moving average of $133.76. The company has a market capitalization of $9.28 billion, a PE ratio of 27.35, a PEG ratio of 1.42 and a beta of 1.72. Generac Holdings Inc. has a twelve month low of $99.50 and a twelve month high of $195.94. The company has a current ratio of 1.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.48.

Generac (NYSE:GNRC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.27. The firm had revenue of $942.12 million for the quarter, compared to analysts' expectations of $921.78 million. Generac had a net margin of 7.68% and a return on equity of 18.90%. The firm's revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 earnings per share. On average, equities research analysts anticipate that Generac Holdings Inc. will post 8 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group lowered their price objective on shares of Generac from $205.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday. TD Securities cut their price objective on shares of Generac from $173.00 to $155.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Robert W. Baird decreased their price objective on shares of Generac from $171.00 to $127.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Wall Street Zen upgraded shares of Generac from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Finally, TD Cowen reduced their price objective on shares of Generac from $173.00 to $155.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $164.58.

Generac Profile

Generac Holdings Inc designs, manufactures, and distributes various energy technology products and solution worldwide. The company offers residential automatic standby generators, automatic transfer switch, air-cooled engine residential standby generators, and liquid-cooled engine generators; Mobile Link, a remote monitoring system for home standby generators; residential storage solution, which consists of a system of batteries, an inverter, photovoltaic optimizers, power electronic controls, and other components; smart home solutions, such as smart thermostats and a suite of home monitoring products.