Holley (NYSE:HLLY) to Buyback $25.00 million in Outstanding Shares

Holley (NYSE:HLLY) announced that its board has approved a stock repurchase plan on Tuesday, May 26th, RTT News reports. The company plans to repurchase $25.00 million in shares. This repurchase authorization allows the company to reacquire up to 8.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Holley Stock Up 10.8%

NYSE HLLY traded up $0.27 on Tuesday, reaching $2.78. The company had a trading volume of 1,547,489 shares, compared to its average volume of 852,505. The firm has a market capitalization of $337.66 million, a PE ratio of 14.63 and a beta of 1.40. Holley has a 1 year low of $1.90 and a 1 year high of $4.48. The firm has a 50-day moving average of $2.98 and a 200-day moving average of $3.65. The company has a debt-to-equity ratio of 1.16, a current ratio of 3.17 and a quick ratio of 1.07.

Holley (NYSE:HLLY) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $147.33 million during the quarter, compared to analysts’ expectations of $152.06 million. Holley had a return on equity of 5.46% and a net margin of 3.89%. On average, equities research analysts anticipate that Holley will post 0.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on HLLY shares. Benchmark lowered their price target on Holley from $4.50 to $4.00 and set a “buy” rating for the company in a report on Friday, May 8th. Wall Street Zen cut Holley from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. DA Davidson set a $4.50 price target on Holley in a report on Thursday, March 5th. Telsey Advisory Group restated an “outperform” rating and issued a $5.00 price target on shares of Holley in a report on Thursday, March 5th. Finally, Raymond James Financial set a $4.00 price target on Holley in a report on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $4.90.

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.