Norges Bank Makes New $68.59 Million Investment in Generac Holdings Inc. $GNRC

Norges Bank purchased a new position in Generac Holdings Inc. (NYSE:GNRC) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 502,969 shares of the technology company’s stock, valued at approximately $68,590,000.

Other institutional investors have also added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new stake in Generac in the second quarter worth about $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Generac during the third quarter worth about $26,000. Sentry Investment Management LLC lifted its holdings in shares of Generac by 69.8% during the third quarter. Sentry Investment Management LLC now owns 163 shares of the technology company’s stock worth $28,000 after purchasing an additional 67 shares during the period. IFP Advisors Inc lifted its holdings in shares of Generac by 33.8% during the fourth quarter. IFP Advisors Inc now owns 435 shares of the technology company’s stock worth $59,000 after purchasing an additional 110 shares during the period. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Generac during the fourth quarter worth about $61,000. Institutional investors and hedge funds own 84.04% of the company’s stock.

Generac Stock Down 6.0%

Shares of GNRC stock opened at $261.39 on Friday. The stock has a 50 day moving average of $237.45 and a 200 day moving average of $197.55. 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 $15.39 billion, a P/E ratio of 81.94, a P/E/G ratio of 2.45 and a beta of 1.93. Generac Holdings Inc. has a twelve month low of $123.66 and a twelve month high of $294.18.

Generac (NYSE:GNRC) last announced its quarterly earnings results on Wednesday, April 29th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.47. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Generac had a return on equity of 15.45% and a net margin of 4.37%.Generac’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the business earned $1.26 earnings per share. As a group, sell-side analysts expect that Generac Holdings Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GNRC. Citigroup lifted their target price on Generac from $226.00 to $263.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. Needham & Company LLC reaffirmed a “buy” rating on shares of Generac in a report on Tuesday. Guggenheim reaffirmed a “neutral” rating and set a $202.00 target price on shares of Generac in a report on Tuesday, February 10th. Robert W. Baird set a $311.00 target price on Generac in a report on Thursday, April 30th. Finally, Bank of America decreased their target price on Generac from $260.00 to $248.00 and set a “buy” rating for the company in a report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Generac presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.88.

Insiders Place Their Bets

In related news, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 564,528 shares in the company, valued at approximately $153,653,231.04. This trade represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.40% of the company’s stock.

Generac 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.