State Street Corp Sells 22,024 Shares of Generac Holdings Inc. (NYSE:GNRC)

State Street Corp lessened its stake in Generac Holdings Inc. (NYSE:GNRC) by 1.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,162,994 shares of the technology company’s stock after selling 22,024 shares during the period. State Street Corp’s holdings in Generac were worth $343,656,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in GNRC. Raymond James Trust N.A. lifted its position in shares of Generac by 52.8% in the 3rd quarter. Raymond James Trust N.A. now owns 3,407 shares of the technology company’s stock worth $541,000 after acquiring an additional 1,177 shares during the period. Willis Investment Counsel raised its stake in shares of Generac by 18.7% in the third quarter. Willis Investment Counsel now owns 105,007 shares of the technology company’s stock valued at $16,684,000 after purchasing an additional 16,541 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Generac by 85.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,021 shares of the technology company’s stock worth $928,000 after purchasing an additional 3,244 shares during the period. Principal Financial Group Inc. boosted its stake in Generac by 5.0% during the third quarter. Principal Financial Group Inc. now owns 71,272 shares of the technology company’s stock worth $11,324,000 after buying an additional 3,426 shares in the last quarter. Finally, Hudson Valley Investment Advisors Inc. ADV bought a new stake in Generac in the 3rd quarter valued at $3,742,000. 84.04% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Generac news, EVP Rajendra Kumar Kanuru sold 3,187 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $183.58, for a total transaction of $585,069.46. Following the transaction, the executive vice president now owns 10,738 shares in the company, valued at approximately $1,971,282.04. This trade represents a 22.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO York A. Ragen sold 29,081 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $184.73, for a total value of $5,372,133.13. Following the completion of the sale, the chief financial officer now directly owns 135,613 shares of the company’s stock, valued at approximately $25,051,789.49. This trade represents a 17.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,268 shares of company stock valued at $7,584,853. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GNRC. Piper Sandler lifted their target price on shares of Generac from $190.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. StockNews.com raised Generac from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Citigroup increased their target price on Generac from $128.00 to $172.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Roth Mkm boosted their price target on Generac from $160.00 to $175.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Finally, TD Cowen increased their price objective on Generac from $172.00 to $183.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Generac presently has a consensus rating of “Moderate Buy” and an average target price of $175.30.

Generac Trading Down 1.3 %

Shares of GNRC opened at $176.83 on Tuesday. The stock’s fifty day simple moving average is $176.57 and its 200-day simple moving average is $156.85. The firm has a market capitalization of $10.52 billion, a PE ratio of 36.69, a price-to-earnings-growth ratio of 2.18 and a beta of 1.39. Generac Holdings Inc. has a 12-month low of $108.89 and a 12-month high of $195.94. The company has a quick ratio of 0.96, a current ratio of 2.03 and a debt-to-equity ratio of 0.56.

Generac (NYSE:GNRC) last released its earnings results on Thursday, October 31st. The technology company reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.27. Generac had a net margin of 7.17% and a return on equity of 16.70%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted $1.64 EPS. The company’s revenue was up 9.6% compared to the same quarter last year. As a group, research analysts predict that Generac Holdings Inc. will post 6.84 earnings per share for the current year.

About Generac

Generac Holdings Inc designs, manufactures, and distributes various energy technology products and solution worldwide. The company offers residential automatic standby generators, automatic transfer switch, air-cooled engine residential standby generators, and liquid-cooled engine generators; Mobile Link, a remote monitoring system for home standby generators; residential storage solution, which consists of a system of batteries, an inverter, photovoltaic optimizers, power electronic controls, and other components; smart home solutions, such as smart thermostats and a suite of home monitoring products.