Aaron Jagdfeld, the Chief Executive Officer of Generac Holdings Inc. (NYSE:GNRC), recently sold 5,000 shares of the company's common stock. The transaction, which took place on December 2, 2024, was executed at a price of $189.83 per share, amounting to a total value of $949,150. Following this sale, Jagdfeld now holds 575,825 shares of Generac Holdings directly. The sale occurs as Generac's stock has shown remarkable strength, delivering a 53% return over the past year and trading near its 52-week high of $195.94. According to InvestingPro analysis, the company currently appears slightly undervalued based on its Fair Value metrics.
This sale was conducted under a pre-established 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. The plan was adopted on November 13, 2023, as noted in the filing. With a market capitalization of $11.2 billion and a strong financial health rating, Generac continues to demonstrate solid fundamentals. For deeper insights into Generac's valuation and performance metrics, including 13 additional ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, Generac Holdings has reported a considerable increase in sales for the third quarter of 2024, with net sales reaching $1.17 billion, a 10% rise from the previous year. This growth was primarily driven by an uptick in power outage activity following Hurricanes Helen and Milton, leading to a 28% jump in residential product sales. Despite a decline in global commercial and industrial product sales and international sales, Generac has revised its 2024 outlook upwards, expecting substantial growth in residential sales and improved gross and adjusted EBITDA margins.
TD Cowen affirmed its positive stance on Generac Holdings, increasing the company's price target from $172.00 to $183.00 while maintaining a Buy rating. The raised guidance for the fiscal year 2024 suggests confidence in Generac's operational performance and future prospects.
The company also announced the receipt of a $50 million grant from the Department of Energy to implement microgrid solutions in California. These developments are part of recent events affecting the company. Analysts have noted that Generac's residential product sales are projected to increase in the high teens percentage. They also anticipate an improvement in gross margins and adjusted EBITDA margins for the full year.
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