Bank of America Corp DE boosted its stake in shares of Horizon Global Corporation (NYSE:HZN) by 582.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,474 shares of the company’s stock after buying an additional 100,252 shares during the period. Bank of America Corp DE’s holdings in Horizon Global Corporation were worth $1,631,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of HZN. Quantbot Technologies LP purchased a new position in shares of Horizon Global Corporation during the first quarter valued at approximately $280,000. Icon Advisers Inc. Co. purchased a new position in shares of Horizon Global Corporation during the first quarter valued at approximately $511,000. Suntrust Banks Inc. purchased a new position in shares of Horizon Global Corporation during the first quarter valued at approximately $167,000. Neuberger Berman Group LLC purchased a new position in shares of Horizon Global Corporation during the first quarter valued at approximately $812,000. Finally, First Manhattan Co. increased its position in shares of Horizon Global Corporation by 12.1% in the first quarter. First Manhattan Co. now owns 1,198,083 shares of the company’s stock valued at $23,877,000 after buying an additional 129,552 shares during the last quarter. Institutional investors own 93.74% of the company’s stock.

Horizon Global Corporation (NYSE:HZN) traded up 0.58% during midday trading on Tuesday, reaching $17.45. 52,396 shares of the company’s stock traded hands. The company’s market capitalization is $435.13 million. Horizon Global Corporation has a 1-year low of $11.80 and a 1-year high of $26.36. The firm’s 50-day moving average is $15.23 and its 200-day moving average is $15.33.

Horizon Global Corporation (NYSE:HZN) last released its quarterly earnings data on Tuesday, August 1st. The company reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.17. Horizon Global Corporation had a negative net margin of 1.45% and a positive return on equity of 18.86%. The firm had revenue of $253.60 million during the quarter, compared to analysts’ expectations of $241.08 million. The firm’s revenue was up 51.1% on a year-over-year basis. Analysts forecast that Horizon Global Corporation will post $1.09 earnings per share for the current year.

Horizon Global Corporation announced that its board has initiated a stock buyback program on Wednesday, May 3rd that permits the company to buyback 1,500,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

ILLEGAL ACTIVITY WARNING: This report was first posted by Watch List News and is the property of of Watch List News. If you are accessing this report on another domain, it was copied illegally and reposted in violation of U.S. and international trademark and copyright laws. The legal version of this report can be accessed at https://www.watchlistnews.com/bank-of-america-corp-de-has-1-63-million-position-in-horizon-global-corporation-hzn/1491798.html.

HZN has been the topic of several analyst reports. TheStreet upgraded shares of Horizon Global Corporation from a “d” rating to a “c-” rating in a report on Friday, May 26th. Zacks Investment Research upgraded shares of Horizon Global Corporation from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Wednesday, July 12th. BMO Capital Markets reiterated a “buy” rating and set a $18.00 price target on shares of Horizon Global Corporation in a report on Thursday, July 13th. BidaskClub downgraded shares of Horizon Global Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Roth Capital set a $22.00 price target on shares of Horizon Global Corporation and gave the company a “buy” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Horizon Global Corporation has an average rating of “Buy” and an average price target of $20.29.

About Horizon Global Corporation

Horizon Global Corporation is a designer, manufacturer and distributor of a range of custom-engineered towing, trailering, cargo management and other products serving the automotive aftermarket, retail and original equipment (OE) channels. The Company operates through three segments: Horizon Americas, Horizon Asia-Pacific, and Horizon Europe-Africa.

Want to see what other hedge funds are holding HZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Horizon Global Corporation (NYSE:HZN).

Institutional Ownership by Quarter for Horizon Global Corporation (NYSE:HZN)

Receive News & Ratings for Horizon Global Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Horizon Global Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.