HC2 (HCHC) Stock Rating Upgraded by Zacks Investment Research
HC2 (NYSE:HCHC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “HC2 Holdings, Inc. is a holding company which seeks to acquire and grow attractive businesses. The company’s operating segments consists of Manufacturing, Marine Services, Insurance, Utilities, Telecommunications, Life Sciences and Other. Its operating subsidiaries consists of Schuff International Inc., is a steel fabricator and erector primarily in the United States and Global Marine Systems Limited, provider of engineering and underwater services on submarine cables. HC2 Holdings, Inc. is headquartered in New York. “
Separately, B. Riley set a $10.00 target price on HC2 and gave the company a “buy” rating in a research report on Thursday, October 12th.
HC2 (NYSE:HCHC) last posted its earnings results on Wednesday, November 8th. The technology company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). HC2 had a negative net margin of 6.13% and a negative return on equity of 67.69%. The business had revenue of $406.40 million for the quarter, compared to analyst estimates of $428.04 million. During the same quarter last year, the business earned ($0.20) earnings per share. HC2’s revenue was down 1.6% on a year-over-year basis. analysts anticipate that HC2 will post -1.11 earnings per share for the current year.
In other news, Director Robert V. Leffler, Jr. sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $5.00, for a total transaction of $100,000.00. Following the sale, the director now directly owns 19,779 shares in the company, valued at approximately $98,895. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Suzi R. Herbst sold 5,303 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $4.99, for a total value of $26,461.97. Following the sale, the insider now owns 27,493 shares in the company, valued at $137,190.07. The disclosure for this sale can be found here. 16.00% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its stake in HC2 by 159.1% in the 1st quarter. Bank of America Corp DE now owns 17,065 shares of the technology company’s stock valued at $106,000 after buying an additional 10,479 shares in the last quarter. Voya Investment Management LLC lifted its stake in HC2 by 29.2% in the 2nd quarter. Voya Investment Management LLC now owns 20,115 shares of the technology company’s stock valued at $118,000 after buying an additional 4,546 shares in the last quarter. Alliancebernstein L.P. purchased a new position in HC2 in the 2nd quarter valued at about $151,000. New York State Common Retirement Fund lifted its stake in HC2 by 5.6% in the 2nd quarter. New York State Common Retirement Fund now owns 26,200 shares of the technology company’s stock valued at $154,000 after buying an additional 1,399 shares in the last quarter. Finally, PEAK6 Investments L.P. purchased a new position in HC2 in the 3rd quarter valued at about $179,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.
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HC2 Holdings, Inc engages in construction, marine services, insurance, telecommunications, energy, life sciences, and other businesses in the United States, the United Kingdom, and internationally. The company fabricates and erects structural steel for commercial and industrial construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, and power plants.
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