Synovus Financial Corp Purchases New Holdings in Generac Holdings Inc. (NYSE:GNRC)

Synovus Financial Corp acquired a new position in shares of Generac Holdings Inc. (NYSE:GNRC) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 1,888 shares of the technology company’s stock, valued at approximately $300,000.

A number of other hedge funds have also recently bought and sold shares of the company. Sunbelt Securities Inc. raised its position in shares of Generac by 97.1% during the second quarter. Sunbelt Securities Inc. now owns 203 shares of the technology company’s stock worth $27,000 after acquiring an additional 100 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Generac in the third quarter worth about $31,000. SouthState Corp bought a new stake in Generac during the 3rd quarter worth about $32,000. Capital Advisors Ltd. LLC lifted its position in Generac by 611.1% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 256 shares of the technology company’s stock valued at $34,000 after purchasing an additional 220 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of Generac by 73.5% in the 3rd quarter. Blue Trust Inc. now owns 229 shares of the technology company’s stock valued at $36,000 after purchasing an additional 97 shares during the last quarter. 84.04% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Aaron Jagdfeld sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $166.60, for a total value of $833,000.00. Following the completion of the sale, the chief executive officer now owns 557,177 shares of the company’s stock, valued at approximately $92,825,688.20. This represents a 0.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Rajendra Kumar Kanuru sold 3,187 shares of the business’s stock in a transaction on 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. The trade was a 22.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,268 shares of company stock valued at $7,584,853 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. TD Cowen increased their price objective on shares of Generac from $172.00 to $183.00 and gave the company a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus increased their price target on Generac from $185.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Robert W. Baird decreased their price objective on Generac from $187.00 to $181.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. JPMorgan Chase & Co. increased their target price on Generac from $160.00 to $178.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Barclays assumed coverage on Generac in a report on Wednesday, December 4th. They set an “equal weight” rating and a $189.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $175.30.

Generac Stock Down 4.4 %

Shares of Generac stock opened at $157.79 on Thursday. The firm has a market cap of $9.39 billion, a PE ratio of 32.74, a P/E/G ratio of 2.09 and a beta of 1.39. The business’s 50 day simple moving average is $177.22 and its 200 day simple moving average is $157.71. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.96 and a current ratio of 2.03. Generac Holdings Inc. has a 52-week low of $108.89 and a 52-week high of $195.94.

Generac (NYSE:GNRC) last posted its quarterly earnings data 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 last year, the company earned $1.64 earnings per share. The firm’s revenue was up 9.6% compared to the same quarter last year. On average, analysts predict that Generac Holdings Inc. will post 6.84 earnings per share for the current fiscal year.

Generac Profile

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.