Gencor Industries (NASDAQ:GENC) Share Price Breaks Above 50 Day Moving Average – Time to Sell?

Gencor Industries, Inc. (NASDAQ:GENC) passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $17.55 and traded as high as $17.76. Gencor Industries shares last traded at $17.62, with a volume of 33,862 shares.

Wall Street Analysts Forecast Growth

Separately, Freedom Broker lowered Gencor Industries from a “buy” rating to a “hold” rating and raised their price target for the stock from $19.00 to $21.00 in a research note on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Gencor Industries has a consensus rating of “Buy” and a consensus price target of $19.30.

Gencor Industries Stock Performance

The company has a market capitalization of $258.27 million, a P/E ratio of 16.02 and a beta of 0.55. The company’s fifty day simple moving average is $17.55 and its 200-day simple moving average is $15.90.

Institutional Investors Weigh In On Gencor Industries

Several hedge funds have recently modified their holdings of GENC. Royce & Associates LP boosted its stake in shares of Gencor Industries by 0.5% during the third quarter. Royce & Associates LP now owns 940,000 shares of the company’s stock valued at $16,027,000 after purchasing an additional 5,000 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Gencor Industries by 4.2% in the 2nd quarter. BlackRock Inc. now owns 571,352 shares of the company’s stock valued at $8,525,000 after buying an additional 23,133 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Gencor Industries by 11.3% during the 1st quarter. Renaissance Technologies LLC now owns 383,008 shares of the company’s stock worth $5,745,000 after acquiring an additional 39,034 shares in the last quarter. Martin & Co. Inc. TN purchased a new stake in Gencor Industries during the second quarter valued at approximately $4,963,000. Finally, Gamco Investors INC. ET AL lifted its position in Gencor Industries by 17.0% during the first quarter. Gamco Investors INC. ET AL now owns 302,200 shares of the company’s stock valued at $4,533,000 after acquiring an additional 44,000 shares during the last quarter.

Gencor Industries Company Profile

Gencor Industries designs and manufactures heavy equipment primarily for the highway construction industry. Its products include asphalt production plants, burners and combustion systems, material-handling equipment, and storage and pollution-control systems used in asphalt production. The company also provides equipment and systems for soil remediation and other industrial applications. Its products support the production and handling of materials used in road construction and related projects.