Hillsdale Investment Management Inc. Purchases 1,908,061 Shares of Holley Inc. $HLLY

Hillsdale Investment Management Inc. raised its stake in Holley Inc. (NYSE:HLLY) by 76,322.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,910,561 shares of the company’s stock after buying an additional 1,908,061 shares during the quarter. Hillsdale Investment Management Inc. owned 1.59% of Holley worth $7,891,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in HLLY. Cerity Partners LLC acquired a new position in Holley in the second quarter valued at about $25,000. Schonfeld Strategic Advisors LLC acquired a new position in Holley in the third quarter valued at about $34,000. State of Alaska Department of Revenue acquired a new position in Holley in the fourth quarter valued at about $35,000. Sherbrooke Park Advisers LLC acquired a new position in Holley in the third quarter valued at about $38,000. Finally, Captrust Financial Advisors acquired a new position in Holley in the second quarter valued at about $44,000. Institutional investors and hedge funds own 39.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on HLLY shares. Benchmark cut their target price on Holley from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. DA Davidson set a $4.50 target price on Holley in a research note on Thursday, March 5th. Wall Street Zen lowered Holley from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Raymond James Financial set a $4.00 target price on Holley in a research note on Thursday, May 7th. Finally, Weiss Ratings lowered Holley from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $4.90.

Holley Trading Down 5.3%

NYSE HLLY opened at $2.75 on Friday. The firm has a market cap of $333.41 million, a P/E ratio of 14.45 and a beta of 1.40. 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 stock’s 50-day moving average is $2.96 and its 200-day moving average is $3.64. Holley Inc. has a one year low of $1.90 and a one year high of $4.48.

Holley (NYSE:HLLY) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $147.33 million for the quarter, compared to analyst estimates of $152.06 million. Holley had a return on equity of 5.46% and a net margin of 3.89%. Sell-side analysts anticipate that Holley Inc. will post 0.3 earnings per share for the current fiscal year.

Holley announced that its board has approved a share buyback program on Tuesday, May 26th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 8.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.