Empowered Funds LLC Takes Position in Holley Inc. $HLLY

Key Points

• Empowered Funds LLC acquired 588,016 Holley shares worth approximately $1.5 million, representing a 0.49% stake. Other institutions also increased holdings, with institutional investors collectively owning 39.7% of HLLY.
• Holley reported quarterly EPS of $0.20, beating the $0.12 consensus estimate, while revenue of $172.01 million was slightly below expectations. The company also authorized a $25 million share-repurchase program, covering up to 8.2% of outstanding shares.
• Analyst sentiment is mixed but leans positive: Holley carries a “Moderate Buy” consensus rating with an average price target of $4.90, compared with the stock’s reported price of $3.10.

Empowered Funds LLC bought a new stake in shares of Holley Inc. (NYSE:HLLY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 588,016 shares of the company's stock, valued at approximately $1,499,000. Empowered Funds LLC owned 0.49% of Holley as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of HLLY. Blue Owl Capital Holdings LP acquired a new stake in shares of Holley in the 2nd quarter valued at about $11,161,000. Dimensional Fund Advisors LP increased its position in Holley by 25.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company's stock valued at $7,512,000 after buying an additional 495,923 shares in the last quarter. Wasatch Advisors LP raised its stake in Holley by 35.1% during the 2nd quarter. Wasatch Advisors LP now owns 4,887,038 shares of the company's stock worth $12,462,000 after buying an additional 1,269,256 shares during the period. Bamco Inc. NY acquired a new position in Holley during the 2nd quarter worth approximately $8,288,000. Finally, Hillsdale Investment Management Inc. boosted its holdings in Holley by 76,322.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company's stock worth $7,891,000 after acquiring an additional 1,908,061 shares in the last quarter. 39.70% of the stock is owned by institutional investors.

Holley Price Performance

HLLY stock opened at $3.10 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.39 and a current ratio of 3.06. The business has a 50-day simple moving average of $2.79 and a two-hundred day simple moving average of $2.97. The company has a market capitalization of $375.81 million, a P/E ratio of 38.75 and a beta of 1.32. Holley Inc. has a 52-week low of $2.33 and a 52-week high of $4.48.

Holley (NYSE:HLLY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. Holley had a return on equity of 8.41% and a net margin of 1.68%.The firm had revenue of $172.01 million during the quarter, compared to the consensus estimate of $172.63 million. Research analysts expect that Holley Inc. will post 0.39 EPS for the current fiscal year.

Holley announced that its board has approved a share repurchase plan on Tuesday, May 26th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

HLLY has been the subject of several recent research reports. Canaccord Genuity Group restated a "buy" rating and set a $7.00 price objective on shares of Holley in a report on Monday, June 29th. Weiss Ratings cut Holley from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Wall Street Zen raised shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Raymond James Financial set a $4.00 price target on shares of Holley in a research note on Thursday, May 7th. Finally, Zacks Research upgraded shares of Holley from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $4.90.

Holley Profile

Holley Inc is a designer, manufacturer and marketer of high‐performance automotive products for the enthusiast market. Through its portfolio of well‐known brands, the company develops fuel delivery systems, intake manifolds, ignition components, nitrous oxide systems, digital controls and other engine‐dress accessories tailored to both street and competition applications. Holley's products are sold through a network of domestic and international distributors, retailers and directly to professional race teams and hobbyists.

The company's product offerings span mechanical and electronic fuel injection, carburetion, engine management, add‐on power systems and calibration tools.

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