Generac Stock: Royal Bank Cuts Stake as Earnings Beat Expectations

Royal Bank of Canada reduced its stake in Generac Holdings Inc. (NYSE:GNRC) by 13.7% during the first quarter, according to a recent filing with the Securities and Exchange Commission.

The institutional investor owned 520,047 shares of the technology company's stock after selling 82,372 shares during the quarter.

Generac reported second-quarter adjusted earnings of $2.91 per share, well above the $2.01 analyst consensus, with revenue reaching approximately $1.17 billion, up 10.3% year over year.

Cantor Fitzgerald raised its price target to $333 and maintained an Overweight rating for Generac, while Canaccord Genuity Group decreased its target price from $325 to $275 but still views the shares as a Buy.