Holley (NYSE:HLLY – Get Free Report) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.
HLLY has been the subject of several other reports. Benchmark decreased their price objective on shares of Holley from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Wall Street Zen raised shares of Holley from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings cut shares of Holley from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 6th. Raymond James Financial set a $4.00 target price on Holley in a research report on Thursday, May 7th. Finally, Freedom Capital upgraded Holley to a “strong-buy” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.90.
View Our Latest Analysis on Holley
Holley Stock Performance
Holley (NYSE:HLLY – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. The business had revenue of $172.01 million during the quarter, compared to analysts’ expectations of $172.63 million. Holley had a return on equity of 8.41% and a net margin of 1.68%. As a group, research analysts forecast that Holley will post 0.39 earnings per share for the current year.
Holley announced that its board has initiated a stock buyback program on Tuesday, May 26th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to buy up to 8.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
Hedge Funds Weigh In On Holley
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in Holley by 25.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,447,266 shares of the company’s stock valued at $7,512,000 after purchasing an additional 495,923 shares during the last quarter. Hillsdale Investment Management Inc. increased its holdings in Holley by 76,322.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 1,910,561 shares of the company’s stock worth $7,891,000 after purchasing an additional 1,908,061 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Holley by 5.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,646,748 shares of the company’s stock valued at $5,056,000 after purchasing an additional 84,837 shares in the last quarter. State of Wyoming raised its position in shares of Holley by 292.8% in the 1st quarter. State of Wyoming now owns 125,425 shares of the company’s stock valued at $385,000 after purchasing an additional 93,497 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Holley by 1.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,823,903 shares of the company’s stock valued at $30,749,000 after buying an additional 122,331 shares during the last quarter. 39.70% of the stock is owned by hedge funds and other institutional investors.
About Holley
Holley Inc is a designer, manufacturer and marketer of high‐performance automotive products for the enthusiast market. Through its portfolio of well‐known brands, the company develops fuel delivery systems, intake manifolds, ignition components, nitrous oxide systems, digital controls and other engine‐dress accessories tailored to both street and competition applications. Holley’s products are sold through a network of domestic and international distributors, retailers and directly to professional race teams and hobbyists.
The company’s product offerings span mechanical and electronic fuel injection, carburetion, engine management, add‐on power systems and calibration tools.
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