Holley Inc. $HLLY Shares Acquired by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its Holley stake by 25.4% in the first quarter, adding 495,923 shares to hold approximately 2.02% of the company. Institutional investors collectively own 39.7% of Holley.
• Holley reported quarterly EPS of $0.20, exceeding the $0.12 analyst consensus, while revenue of $172.01 million was slightly below expectations. Analysts expect full-year EPS of $0.39.
• The company authorized a $25 million share buyback, allowing repurchases of up to 8.2% of outstanding shares. Wall Street’s average rating is “Moderate Buy,” with an average price target of $4.90 versus a recent share price of $3.17.

Dimensional Fund Advisors LP lifted its position in shares of Holley Inc. (NYSE:HLLY - Free Report) by 25.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,447,266 shares of the company's stock after purchasing an additional 495,923 shares during the quarter. Dimensional Fund Advisors LP owned about 2.02% of Holley worth $7,512,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. State of Alaska Department of Revenue purchased a new stake in Holley during the fourth quarter worth approximately $35,000. Chicago Partners Investment Group LLC acquired a new position in shares of Holley during the 1st quarter valued at $35,000. Schonfeld Strategic Advisors LLC purchased a new stake in Holley during the 3rd quarter worth $34,000. Sherbrooke Park Advisers LLC purchased a new stake in Holley during the 3rd quarter worth $38,000. Finally, Cerity Partners LLC acquired a new stake in Holley in the 2nd quarter valued at $25,000. Hedge funds and other institutional investors own 39.70% of the company's stock.

Holley Stock Performance

Holley stock opened at $3.17 on Tuesday. Holley Inc. has a 52 week low of $2.33 and a 52 week high of $4.48. The company has a current ratio of 3.06, a quick ratio of 1.39 and a debt-to-equity ratio of 1.15. The stock has a market cap of $385.03 million, a P/E ratio of 39.62 and a beta of 1.31. The stock has a 50 day moving average of $2.61 and a 200-day moving average of $3.10.

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

Holley announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 26th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to buy up to 8.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

HLLY has been the topic of a number of recent research reports. Canaccord Genuity Group restated a "buy" rating and set a $7.00 price objective on shares of Holley in a research note on Monday, June 29th. Raymond James Financial set a $4.00 price target on Holley in a research report on Thursday, May 7th. Weiss Ratings cut Holley from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday. Wall Street Zen raised shares of Holley from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Benchmark reduced their target price on shares of Holley from $4.50 to $4.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Holley presently has an average rating of "Moderate Buy" and an average price target of $4.90.

About Holley

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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