Generac Holdings Inc. $GNRC Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Generac stake by 127.4% in the second quarter, holding 30,515 shares worth approximately $8.94 million. Institutional investors and hedge funds collectively own 84.04% of GNRC.
• Analysts remain broadly positive, with Generac receiving a consensus “Moderate Buy” rating and an average price target of $284.84. Recent targets range from $280 to $333.
• Generac exceeded quarterly earnings expectations, reporting $2.91 in EPS versus the $2.01 consensus estimate, while revenue rose 10.3% year over year to $1.17 billion. The stock opened at $216.29, below its 50-day and 200-day moving averages.

Assenagon Asset Management S.A. raised its stake in Generac Holdings Inc. (NYSE:GNRC - Free Report) by 127.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,515 shares of the technology company's stock after buying an additional 17,095 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.05% of Generac worth $8,935,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. MUFG Securities EMEA plc purchased a new stake in shares of Generac during the 2nd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd purchased a new position in Generac in the third quarter worth approximately $26,000. Avalon Trust Co purchased a new position in Generac in the first quarter worth approximately $32,000. Essential Partners LLC increased its stake in Generac by 57.0% during the first quarter. Essential Partners LLC now owns 168 shares of the technology company's stock worth $33,000 after acquiring an additional 61 shares during the last quarter. Finally, GHP Investment Advisors Inc. acquired a new stake in Generac during the first quarter worth $36,000. 84.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GNRC shares. Wells Fargo & Company upped their price target on Generac from $238.00 to $280.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Zacks Research raised Generac from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. DA Davidson set a $333.00 price objective on shares of Generac in a report on Thursday, July 30th. Argus upped their target price on shares of Generac from $255.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Finally, Robert W. Baird set a $305.00 target price on shares of Generac in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Generac presently has a consensus rating of "Moderate Buy" and an average target price of $284.84.

Insider Activity at Generac

In other Generac news, insider Norman P. Taffe sold 550 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider owned 15,508 shares of the company's stock, valued at $3,393,615.64. This trade represents a 3.43% decrease in their position. The sale was disclosed in a filing with the SEC, 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 business's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $213.35, for a total transaction of $125,023.10. Following the completion of the transaction, the insider owned 10,746 shares of the company's stock, valued at approximately $2,292,659.10. This trade represents a 5.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 12,236 shares of company stock worth $2,871,273. Corporate insiders own 2.40% of the company's stock.

Generac Price Performance

GNRC opened at $216.29 on Wednesday. The stock's 50-day moving average price is $241.56 and its 200 day moving average price is $227.30. Generac Holdings Inc. has a 12-month low of $134.80 and a 12-month high of $296.44. The firm has a market cap of $12.76 billion, a price-to-earnings ratio of 49.84, a PEG ratio of 1.77 and a beta of 1.92. 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 (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 the consensus estimate of $2.01 by $0.90. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate 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 previous year, the company posted $1.65 EPS. As a group, sell-side analysts expect that Generac Holdings Inc. will post 9.72 earnings per share for the current year.

Generac Profile

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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