Gencor Industries (NASDAQ:GENC) Share Price Breaks Above 50 Day Moving Average – Time to Sell?

Gencor Industries, Inc. (NASDAQ:GENC)’s share price crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $17.55 and traded as high as $17.76. Gencor Industries shares last traded at $17.62, with a volume of 33,862 shares trading hands.

Analyst Ratings Changes

Separately, Freedom Broker lowered Gencor Industries from a “buy” rating to a “hold” rating and increased their price target for the company from $19.00 to $21.00 in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $19.30.

Gencor Industries Stock Performance

The company has a market cap of $258.27 million, a PE ratio of 16.02 and a beta of 0.55. The company has a fifty day moving average of $17.55 and a two-hundred day moving average of $15.90.

Institutional Investors Weigh In On Gencor Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its stake in shares of Gencor Industries by 403.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 5,465 shares of the company’s stock worth $82,000 after purchasing an additional 4,379 shares during the period. Bank of America Corp DE purchased a new stake in Gencor Industries in the 2nd quarter worth about $179,000. Deutsche Bank AG raised its position in Gencor Industries by 10.7% in the 2nd quarter. Deutsche Bank AG now owns 12,522 shares of the company’s stock worth $187,000 after purchasing an additional 1,211 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Gencor Industries in the second quarter worth about $326,000. Finally, Hsbc Holdings PLC bought a new stake in Gencor Industries in the second quarter worth about $451,000.

Gencor Industries Company Profile

Gencor Industries designs and manufactures heavy equipment primarily for the highway construction industry. Its products include asphalt production plants, burners and combustion systems, material-handling equipment, and storage and pollution-control systems used in asphalt production. The company also provides equipment and systems for soil remediation and other industrial applications. Its products support the production and handling of materials used in road construction and related projects.