PenderFund Capital Management Ltd. Makes New Investment in Generac Holdings Inc. $GNRC

PenderFund Capital Management Ltd. bought a new position in shares of Generac Holdings Inc. (NYSE:GNRC) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,570 shares of the technology company’s stock, valued at approximately $2,217,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Generac during the second quarter worth approximately $1,170,960,000. Invesco Ltd. increased its stake in Generac by 49.9% during the 4th quarter. Invesco Ltd. now owns 2,423,971 shares of the technology company’s stock worth $330,557,000 after acquiring an additional 806,430 shares during the period. State Street Corp raised its holdings in Generac by 2.1% in the 2nd quarter. State Street Corp now owns 2,189,927 shares of the technology company’s stock valued at $313,619,000 after acquiring an additional 45,592 shares in the last quarter. Boston Partners raised its holdings in Generac by 7.1% in the 3rd quarter. Boston Partners now owns 1,947,332 shares of the technology company’s stock valued at $326,003,000 after acquiring an additional 128,439 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Generac by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,490,876 shares of the technology company’s stock valued at $202,943,000 after acquiring an additional 6,332 shares during the period. 84.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Citigroup raised their price target on Generac from $263.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Needham & Company LLC upped their price objective on shares of Generac from $282.00 to $283.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Roth Capital set a $214.00 price objective on shares of Generac in a research note on Thursday, July 30th. Raymond James Financial set a $302.00 target price on shares of Generac in a report on Friday, May 22nd. Finally, Argus boosted their target price on shares of Generac from $255.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Generac presently has a consensus rating of “Moderate Buy” and an average target price of $284.84.

Insiders Place Their Bets

In other news, insider Kyle Andrew Raabe sold 586 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $213.35, for a total value of $125,023.10. Following the completion of the transaction, the insider owned 10,746 shares of the company’s stock, valued at approximately $2,292,659.10. This represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $272.18, for a total transaction of $1,360,900.00. Following the sale, the chief executive officer directly owned 564,528 shares in the company, valued at $153,653,231.04. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 12,236 shares of company stock valued at $2,871,273. 2.40% of the stock is currently owned by corporate insiders.

Generac Trading Down 3.9%

Shares of GNRC opened at $198.52 on Friday. Generac Holdings Inc. has a 52-week low of $134.80 and a 52-week high of $296.44. The business’s fifty day moving average is $228.20 and its 200-day moving average is $230.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.00 and a current ratio of 2.04. The firm has a market cap of $11.71 billion, a price-to-earnings ratio of 45.74, a PEG ratio of 1.76 and a beta of 1.92.

Generac (NYSE:GNRC) last announced its quarterly earnings data on Wednesday, July 29th. The technology company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.90. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.18 billion. Generac had a return on equity of 17.83% and a net margin of 5.82%.Generac’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.65 EPS. Equities analysts anticipate that Generac Holdings Inc. will post 9.78 EPS for the current fiscal year.

Generac Company 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.