CIBC Asset Management Inc Raises Holdings in Generac Holdings Inc. $GNRC

Key Points

• CIBC Asset Management raised its stake in Generac Holdings (NYSE: GNRC) by 72.8% in the fourth quarter, bringing its position to 13,070 shares worth about $1.78 million.
• Insider selling was reported, including CEO Aaron Jagdfeld’s sale of 5,000 shares and insider Norman P. Taffe’s sale of 550 shares, both made under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly positive on Generac, with a consensus “Moderate Buy” rating and an average price target of $276.88; the stock recently traded near $265.47 after a 1.5% gain.

CIBC Asset Management Inc increased its stake in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) by 72.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,070 shares of the technology company's stock after acquiring an additional 5,506 shares during the quarter. CIBC Asset Management Inc's holdings in Generac were worth $1,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Massachusetts Financial Services Co. MA boosted its stake in shares of Generac by 127.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 959,337 shares of the technology company's stock valued at $130,825,000 after purchasing an additional 536,732 shares during the period. Norges Bank bought a new stake in Generac during the 4th quarter valued at $68,590,000. Robeco Schweiz AG bought a new stake in Generac during the 4th quarter valued at $51,020,000. Victory Capital Management Inc. boosted its position in Generac by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,138,139 shares of the technology company's stock valued at $355,530,000 after buying an additional 324,809 shares during the period. Finally, Holocene Advisors LP grew its holdings in Generac by 346.6% in the 2nd quarter. Holocene Advisors LP now owns 356,623 shares of the technology company's stock worth $51,072,000 after acquiring an additional 276,775 shares during the last quarter. 84.04% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Aaron Jagdfeld sold 5,000 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $272.18, for a total value of $1,360,900.00. Following the sale, the chief executive officer directly owned 564,528 shares of the company's stock, valued at $153,653,231.04. This represents a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman P. Taffe sold 550 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $272.26, for a total transaction of $149,743.00. Following the completion of the transaction, the insider owned 16,108 shares of the company's stock, valued at approximately $4,385,564.08. The trade was a 3.30% 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. 2.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

GNRC has been the topic of a number of analyst reports. Needham & Company LLC restated a "buy" rating on shares of Generac in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. raised their target price on Generac from $229.00 to $267.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Barclays boosted their price target on Generac from $213.00 to $228.00 and gave the company an "equal weight" rating in a report on Friday, March 27th. Raymond James Financial set a $302.00 price target on Generac in a research report on Friday, May 22nd. Finally, TD Cowen increased their price objective on Generac from $255.00 to $285.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $276.88.

Generac Stock Up 1.5%

GNRC stock opened at $265.47 on Tuesday. Generac Holdings Inc. has a fifty-two week low of $123.66 and a fifty-two week high of $294.18. The business's 50 day moving average price is $238.81 and its two-hundred day moving average price is $198.82. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 2.03. The company has a market capitalization of $15.63 billion, a price-to-earnings ratio of 83.22, a price-to-earnings-growth ratio of 2.45 and a beta of 1.93.

Generac (NYSE:GNRC - Get Free Report) last released its earnings results on Wednesday, April 29th. The technology company reported $1.80 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.47. Generac had a return on equity of 15.45% and a net margin of 4.37%.The company had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. During the same quarter last year, the business posted $1.26 EPS. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, analysts forecast that Generac Holdings Inc. will post 8.91 earnings per share for the current fiscal year.

About Generac

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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