Generac (NYSE:GNRC) Issues Quarterly Earnings Results

Generac (NYSE:GNRC) posted its quarterly earnings results on Thursday. The technology company reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.27, Briefing.com reports. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.16 billion. Generac had a net margin of 6.03% and a return on equity of 15.35%. The company’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.64 earnings per share. Generac updated its FY 2024 guidance to EPS.

Generac Price Performance

GNRC traded up $3.36 on Friday, hitting $168.91. 1,045,332 shares of the company’s stock were exchanged, compared to its average volume of 951,695. The firm has a 50-day moving average price of $156.93 and a 200-day moving average price of $147.89. The stock has a market cap of $10.16 billion, a price-to-earnings ratio of 43.79, a P/E/G ratio of 2.12 and a beta of 1.38. The company has a current ratio of 2.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.61. Generac has a fifty-two week low of $98.27 and a fifty-two week high of $176.14.

Wall Street Analysts Forecast Growth

GNRC has been the subject of several research analyst reports. Robert W. Baird cut their target price on Generac from $187.00 to $181.00 and set a “neutral” rating for the company in a research report on Friday. Canaccord Genuity Group boosted their target price on shares of Generac from $177.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company raised their target price on shares of Generac from $139.00 to $156.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Northland Securities boosted their price target on shares of Generac from $160.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group upped their price objective on Generac from $148.00 to $193.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.10.

Insider Activity

In related news, CEO Aaron Jagdfeld sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $158.93, for a total transaction of $794,650.00. Following the completion of the sale, the chief executive officer now owns 562,177 shares of the company’s stock, valued at approximately $89,346,790.61. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.90% of the company’s stock.

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.