Diamond Hill Capital Management LLC Investment Advisor Buys Shares of 31,003 Generac Holdings Inc. $GNRC

Key Points

• Diamond Hill Capital Management acquired 31,003 Generac shares in the second quarter, worth approximately $9.1 million, giving it a 0.05% stake. Institutional investors and hedge funds collectively own 84.04% of GNRC.
• Analysts maintain a positive outlook, with Generac receiving a “Moderate Buy” consensus rating and an average price target of $284.84; UBS, Cantor Fitzgerald, and JPMorgan recently raised their targets.
• Generac reported quarterly EPS of $2.91, well above the $2.01 consensus estimate, while revenue rose 10.3% year over year to $1.17 billion. The stock opened at $221.55, below its 52-week high of $296.44.

Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 31,003 shares of the technology company's stock, valued at approximately $9,078,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.05% of Generac at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. MUFG Securities EMEA plc acquired a new position in shares of Generac during the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in Generac during the third quarter worth about $26,000. Avalon Trust Co acquired a new stake in shares of Generac in the first quarter valued at approximately $32,000. 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 in the last quarter. Finally, GHP Investment Advisors Inc. acquired a new position in Generac in the first quarter valued at about $36,000. Institutional investors and hedge funds own 84.04% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on GNRC. Jefferies Financial Group reiterated a "buy" rating on shares of Generac in a research note on Wednesday, June 3rd. Weiss Ratings upgraded Generac from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Generac from $229.00 to $267.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Cantor Fitzgerald upped their target price on Generac from $325.00 to $333.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Finally, UBS Group boosted their target price on shares of Generac from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $284.84.

Generac Stock Up 1.0%

GNRC stock opened at $221.55 on Tuesday. The stock's fifty day simple moving average is $237.34 and its two-hundred day simple moving average is $228.67. The company has a current ratio of 2.04, a quick ratio of 1.00 and a debt-to-equity ratio of 0.43. The stock has a market cap of $13.07 billion, a P/E ratio of 51.05, a P/E/G ratio of 1.88 and a beta of 1.92. Generac Holdings Inc. has a 1-year low of $134.80 and a 1-year high of $296.44.

Generac (NYSE:GNRC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The technology company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.90. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.18 billion. Generac had a return on equity of 17.83% and a net margin of 5.82%.Generac's revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 earnings per share. Analysts expect that Generac Holdings Inc. will post 9.72 EPS for the current year.

Insiders Place Their Bets

In other news, insider Norman P. Taffe sold 550 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $218.83, for a total value of $120,356.50. Following the transaction, the insider owned 15,508 shares of the company's stock, valued at $3,393,615.64. This represents a 3.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kyle Andrew Raabe sold 586 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $213.35, for a total value of $125,023.10. Following the transaction, the insider owned 10,746 shares in the company, valued at $2,292,659.10. This trade represents a 5.17% 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 have sold 12,236 shares of company stock worth $2,871,273 in the last three months. 2.40% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding GNRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Generac Holdings Inc. (NYSE:GNRC - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source