Norges Bank Makes New $90.91 Million Investment in Generac Holdings Inc. (NYSE:GNRC)

Norges Bank purchased a new position in Generac Holdings Inc. (NYSE:GNRC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 586,344 shares of the technology company’s stock, valued at approximately $90,913,000. Norges Bank owned 0.99% of Generac at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GNRC. Allworth Financial LP lifted its holdings in Generac by 3.0% in the 4th quarter. Allworth Financial LP now owns 2,738 shares of the technology company’s stock worth $435,000 after purchasing an additional 80 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Generac by 42.0% in the fourth quarter. Venturi Wealth Management LLC now owns 284 shares of the technology company’s stock worth $44,000 after buying an additional 84 shares in the last quarter. Cornerstone Wealth Management LLC boosted its position in shares of Generac by 6.3% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,518 shares of the technology company’s stock worth $235,000 after acquiring an additional 90 shares during the last quarter. Personal CFO Solutions LLC grew its stake in Generac by 5.1% during the fourth quarter. Personal CFO Solutions LLC now owns 2,097 shares of the technology company’s stock valued at $325,000 after acquiring an additional 102 shares in the last quarter. Finally, Retirement Systems of Alabama increased its holdings in Generac by 0.8% in the 3rd quarter. Retirement Systems of Alabama now owns 13,476 shares of the technology company’s stock valued at $2,141,000 after acquiring an additional 105 shares during the last quarter. 84.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Generac

In related news, CEO Aaron Jagdfeld sold 5,000 shares of Generac stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $145.15, for a total transaction of $725,750.00. Following the transaction, the chief executive officer now directly owns 565,825 shares of the company’s stock, valued at $82,129,498.75. This trade represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on GNRC shares. The Goldman Sachs Group cut their price objective on Generac from $193.00 to $168.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Citigroup reduced their price objective on Generac from $172.00 to $162.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Piper Sandler lowered their target price on Generac from $185.00 to $175.00 and set an “overweight” rating for the company in a research report on Thursday, February 13th. Stifel Nicolaus reduced their price target on shares of Generac from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Finally, Wells Fargo & Company lowered their price objective on shares of Generac from $175.00 to $165.00 and set an “equal weight” rating for the company in a research report on Thursday, February 13th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Generac presently has an average rating of “Moderate Buy” and a consensus target price of $174.38.

Generac Trading Up 1.5 %

Shares of GNRC opened at $128.28 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.97 and a quick ratio of 0.97. The firm has a market capitalization of $7.65 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 1.44 and a beta of 1.58. The company has a 50-day moving average of $138.62 and a 200 day moving average of $157.39. Generac Holdings Inc. has a 1-year low of $122.86 and a 1-year high of $195.94.

Generac (NYSE:GNRC) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.31. Generac had a return on equity of 18.17% and a net margin of 7.36%. On average, research analysts expect that Generac Holdings Inc. will post 8 EPS 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.