Zacks Investment Research Lowers HC2 (HCHC) to Sell
HC2 (NYSE:HCHC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Saturday.
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 shares of HC2 and gave the company a “buy” rating in a report on Monday, October 23rd.
HC2 (NYSE:HCHC) last released its earnings results on Wednesday, November 8th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $406.40 million during the quarter, compared to analysts’ expectations of $428.04 million. During the same quarter in the previous year, the firm posted ($0.20) earnings per share. HC2’s revenue for the quarter was down 1.6% compared to the same quarter last year. equities analysts anticipate that HC2 will post -1.11 EPS for the current year.
In related news, Director Robert V. Leffler, Jr. sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $5.00, for a total value of $100,000.00. Following the completion of the sale, the director now directly owns 19,779 shares in the company, valued at $98,895. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Suzi R. Herbst sold 5,303 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $4.99, for a total transaction of $26,461.97. Following the completion of the sale, the insider now owns 27,493 shares of the company’s stock, valued at $137,190.07. The disclosure for this sale can be found here. 16.00% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the business. Voya Investment Management LLC lifted its position in HC2 by 29.2% during the second 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. acquired a new position in HC2 during the second quarter valued at approximately $151,000. New York State Common Retirement Fund lifted its position in HC2 by 5.6% during the second 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. PEAK6 Investments L.P. acquired a new position in HC2 during the third quarter valued at approximately $179,000. Finally, Goldman Sachs Group Inc. lifted its position in HC2 by 11.2% during the second quarter. Goldman Sachs Group Inc. now owns 32,490 shares of the technology company’s stock valued at $191,000 after buying an additional 3,273 shares in the last quarter. 60.34% of the stock is currently owned by hedge funds and other institutional investors.
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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