JPMorgan Chase & Co. Upgrades Generac (NYSE:GNRC) to "Overweight"

Key Points

• JPMorgan Chase & Co. upgraded Generac from a "neutral" to an "overweight" rating, raising the price target from $56.00 to $68.00.
• Despite the upgrade, JPMorgan's target suggests a potential downside of 65.39% from Generac's previous closing stock price.
• Generac's average target price among analysts is $170.06 with a consensus rating of "Moderate Buy".

Generac (NYSE:GNRC - Get Free Report) was upgraded by investment analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Monday,Benzinga reports. The firm currently has a $68.00 price target on the technology company's stock, up from their previous price target of $56.00. JPMorgan Chase & Co.'s target price suggests a potential downside of 65.39% from the company's previous close.

A number of other analysts also recently issued reports on the stock. Piper Sandler reduced their price target on shares of Generac from $175.00 to $155.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Canaccord Genuity Group reduced their price target on shares of Generac from $200.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Citigroup upgraded shares of Generac from a "neutral" rating to a "mixed" rating in a report on Friday, July 11th. TD Cowen lifted their price target on shares of Generac from $155.00 to $198.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, Janney Montgomery Scott upgraded shares of Generac from a "neutral" rating to a "buy" rating in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $170.06.

Generac Stock Up 1.5%

Shares of GNRC stock opened at $196.49 on Monday. The company has a market capitalization of $11.53 billion, a price-to-earnings ratio of 32.64, a PEG ratio of 1.56 and a beta of 1.68. Generac has a one year low of $99.50 and a one year high of $199.89. The company's fifty day moving average price is $149.14 and its 200-day moving average price is $135.54. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.00 and a quick ratio of 0.88.

Generac (NYSE:GNRC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.33 by $0.32. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.03 billion. Generac had a net margin of 7.91% and a return on equity of 19.14%. The company's revenue was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $1.35 EPS. Sell-side analysts expect that Generac will post 8 EPS for the current fiscal year.

Insider Activity at Generac

In related news, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $142.40, for a total transaction of $712,000.00. Following the completion of the transaction, the chief executive officer directly owned 562,966 shares of the company's stock, valued at approximately $80,166,358.40. The trade was a 0.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company's stock.

Hedge Funds Weigh In On Generac

Large investors have recently made changes to their positions in the company. Nebula Research & Development LLC purchased a new position in shares of Generac during the 4th quarter worth about $3,638,000. Pinebridge Investments L.P. lifted its holdings in Generac by 28.1% during the 4th quarter. Pinebridge Investments L.P. now owns 68,993 shares of the technology company's stock valued at $10,697,000 after buying an additional 15,147 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Generac by 19.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,311 shares of the technology company's stock valued at $929,000 after buying an additional 1,195 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in Generac during the 1st quarter valued at about $245,000. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Generac by 15.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 25,520 shares of the technology company's stock valued at $3,232,000 after buying an additional 3,345 shares in the last quarter. 84.04% of the stock is owned by hedge funds and other institutional investors.

Generac Company Profile

Generac Holdings Inc designs, manufactures, and distributes various energy technology products and solution worldwide. The company offers residential automatic standby generators, automatic transfer switch, air-cooled engine residential standby generators, and liquid-cooled engine generators; Mobile Link, a remote monitoring system for home standby generators; residential storage solution, which consists of a system of batteries, an inverter, photovoltaic optimizers, power electronic controls, and other components; smart home solutions, such as smart thermostats and a suite of home monitoring products.

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