Generac Holdings Inc. $GNRC Shares Sold by Redwood Grove Capital LLC

Key Points

• Redwood Grove Capital cut its Generac stake by 39.4% in the first quarter, selling 32,100 shares and retaining 49,280 shares valued at approximately $9.6 million. Institutional investors and hedge funds collectively own 84.04% of the company.
• Analysts maintain a generally positive outlook, with Generac receiving a “Moderate Buy” consensus rating and an average price target of $286.44. Recent target increases included Citigroup to $300 and Barclays to $285.
• Generac reported quarterly earnings of $1.80 per share, beating estimates of $1.33, while revenue rose 12.5% year over year to $1.06 billion. Insiders sold 6,100 shares worth about $1.65 million over the past 90 days, and the stock opened at $194.52.

Redwood Grove Capital LLC reduced its holdings in shares of Generac Holdings Inc. (NYSE:GNRC - Free Report) by 39.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 49,280 shares of the technology company's stock after selling 32,100 shares during the period. Generac comprises 3.1% of Redwood Grove Capital LLC's investment portfolio, making the stock its 18th largest holding. Redwood Grove Capital LLC owned approximately 0.08% of Generac worth $9,626,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Invesco Ltd. grew its stake in shares of Generac by 49.9% in the fourth quarter. Invesco Ltd. now owns 2,423,971 shares of the technology company's stock worth $330,557,000 after acquiring an additional 806,430 shares in the last quarter. State Street Corp boosted its holdings in Generac by 2.1% in the second quarter. State Street Corp now owns 2,189,927 shares of the technology company's stock valued at $313,619,000 after purchasing an additional 45,592 shares during the period. Boston Partners boosted its holdings in Generac by 7.1% in the third quarter. Boston Partners now owns 1,947,332 shares of the technology company's stock valued at $326,003,000 after purchasing an additional 128,439 shares during the period. Geode Capital Management LLC grew its stake in Generac by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,490,876 shares of the technology company's stock worth $202,943,000 after purchasing an additional 6,332 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Generac by 20.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,104,362 shares of the technology company's stock worth $184,870,000 after purchasing an additional 189,457 shares in the last quarter. 84.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Stifel Nicolaus set a $275.00 price target on Generac in a research report on Thursday, April 30th. Citigroup boosted their price objective on Generac from $263.00 to $300.00 and gave the stock a "neutral" rating in a research report on Thursday, July 2nd. Barclays upped their target price on shares of Generac from $228.00 to $285.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. JPMorgan Chase & Co. raised their target price on shares of Generac from $229.00 to $267.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Finally, Wells Fargo & Company boosted their price target on shares of Generac from $238.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $286.44.

Insider Activity

In other news, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $272.18, for a total transaction of $1,360,900.00. Following the sale, the chief executive officer owned 564,528 shares in the company, valued at approximately $153,653,231.04. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Norman P. Taffe sold 550 shares of Generac stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $256.00, for a total value of $140,800.00. Following the sale, the insider owned 15,808 shares in the company, valued at $4,046,848. This trade represents a 3.36% decrease in their position. 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. In the last ninety days, insiders have sold 6,100 shares of company stock worth $1,651,443. Corporate insiders own 2.40% of the company's stock.

Generac Stock Down 1.5%

GNRC stock opened at $194.52 on Wednesday. The company's 50 day moving average is $254.18 and its two-hundred day moving average is $223.96. Generac Holdings Inc. has a twelve month low of $134.80 and a twelve month high of $296.44. The company has a current ratio of 2.03, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market cap of $11.45 billion, a P/E ratio of 60.98, a PEG ratio of 1.85 and a beta of 1.89.

Generac (NYSE:GNRC - Get Free Report) last posted 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 net margin of 4.37% and a return on equity of 15.45%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the firm posted $1.26 EPS. The company's revenue was up 12.5% on a year-over-year basis. Research analysts expect that Generac Holdings Inc. will post 8.91 earnings per share for the current fiscal year.

Generac Company 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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