Wall Street Zen Upgrades Holley (NYSE:HLLY) to "Buy"

Key Points

• Wall Street Zen upgraded Holley to “Buy” from “Hold,” adding to a generally positive analyst outlook. The stock has a “Moderate Buy” consensus rating and an average price target of $4.90.
• Holley reported quarterly EPS of $0.20, beating estimates of $0.12, while revenue of $172.01 million was slightly below the $172.63 million consensus estimate.
• The company authorized a $25 million share-repurchase program, allowing it to buy back up to 8.2% of outstanding shares; institutional investors own 39.7% of the stock.

Holley (NYSE:HLLY - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

A number of other analysts have also recently issued reports on HLLY. Freedom Capital raised Holley to a "strong-buy" rating in a research report on Tuesday, July 7th. Weiss Ratings downgraded Holley from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday. Benchmark lowered 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. Canaccord Genuity Group reiterated a "buy" rating and issued a $7.00 price target on shares of Holley in a research report on Monday, June 29th. Finally, Raymond James Financial set a $4.00 price target on shares of Holley in a research note on Thursday, May 7th. One investment 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 assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $4.90.

Holley Price Performance

Shares of NYSE:HLLY opened at $3.17 on Friday. The company's fifty day moving average price is $2.60 and its 200 day moving average price is $3.12. Holley has a 12 month low of $2.33 and a 12 month high of $4.48. The company has a debt-to-equity ratio of 1.16, a current ratio of 3.17 and a quick ratio of 1.07. The firm has a market capitalization of $385.64 million, a P/E ratio of 39.69 and a beta of 1.31.

Holley (NYSE:HLLY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.08. The company had revenue of $172.01 million during 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 8.42%. As a group, sell-side analysts predict that Holley will post 0.33 earnings per share for the current fiscal year.

Holley announced that its board has approved a stock buyback program on Tuesday, May 26th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Holley

Hedge funds have recently made changes to their positions in the company. Empowered Funds LLC increased its stake in shares of Holley by 8.1% during the first quarter. Empowered Funds LLC now owns 283,049 shares of the company's stock worth $727,000 after acquiring an additional 21,121 shares during the period. Geode Capital Management LLC lifted its position in Holley by 9.0% in the second quarter. Geode Capital Management LLC now owns 1,320,321 shares of the company's stock valued at $2,641,000 after purchasing an additional 108,964 shares during the period. JPMorgan Chase & Co. lifted its position in Holley by 195.1% in the second quarter. JPMorgan Chase & Co. now owns 77,512 shares of the company's stock valued at $155,000 after purchasing an additional 51,247 shares during the period. Rhumbline Advisers lifted its position in Holley by 51.1% in the second quarter. Rhumbline Advisers now owns 103,287 shares of the company's stock valued at $207,000 after purchasing an additional 34,914 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Holley by 10.0% in the second quarter. American Century Companies Inc. now owns 118,727 shares of the company's stock valued at $237,000 after buying an additional 10,767 shares in the last quarter. Institutional investors and hedge funds own 39.70% of the company's stock.

Holley Company 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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