Zacks Investment Research Upgrades Harsco Corp. (HSC) to Strong-Buy
Harsco Corp. (NYSE:HSC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $12.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 17.42% from the company’s previous close.
According to Zacks, “Harsco Corporation is a services and engineered products company. The principal lines of business are: mill services that are provided to steel and non-ferrous metal producers; gas control and containment products; scaffolding services; railway maintenance of way services and equipment; and several other lines of business including, process equipment, industrial grating and bridge decking, industrial pipe fittings, slag abrasives and roofing granules. “
Several other research firms have also recently weighed in on HSC. Jefferies Group increased their price target on Harsco Corp. from $10.00 to $12.00 and gave the company a “buy” rating in a report on Monday. Lake Street Capital assumed coverage on Harsco Corp. in a research note on Tuesday, September 13th. They issued a “buy” rating and a $17.00 price objective for the company.
Shares of Harsco Corp. (NYSE:HSC) traded down 1.76% during midday trading on Wednesday, reaching $10.04. The company’s stock had a trading volume of 34,885 shares. The company’s 50-day moving average price is $9.73 and its 200-day moving average price is $7.94. The company’s market cap is $804.95 million. Harsco Corp. has a 12 month low of $3.55 and a 12 month high of $12.54.
Harsco Corp. (NYSE:HSC) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm had revenue of $370 million for the quarter, compared to analysts’ expectations of $377.30 million. Harsco Corp. had a positive return on equity of 12.38% and a negative net margin of 3.42%. The company’s revenue was down 18.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 EPS. On average, equities analysts anticipate that Harsco Corp. will post $0.39 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of HSC. Mason Street Advisors LLC acquired a new position in shares of Harsco Corp. during the second quarter valued at about $104,000. Princeton Alpha Management LP acquired a new position in shares of Harsco Corp. during the second quarter valued at about $132,000. AHL Partners LLP acquired a new position in shares of Harsco Corp. during the second quarter valued at about $139,000. KCG Holdings Inc. raised its position in shares of Harsco Corp. by 92.0% in the second quarter. KCG Holdings Inc. now owns 24,116 shares of the company’s stock valued at $160,000 after buying an additional 11,556 shares during the last quarter. Finally, Profund Advisors LLC raised its position in shares of Harsco Corp. by 6.5% in the second quarter. Profund Advisors LLC now owns 26,266 shares of the company’s stock valued at $174,000 after buying an additional 1,592 shares during the last quarter. 80.64% of the stock is currently owned by institutional investors.
About Harsco Corp.
Harsco Corporation is a provider of industrial services and engineered products serving global industries. The Company operates in three segments: Harsco Metals & Minerals, Harsco Industrial and Harsco Rail. Its Harsco Metals & Minerals segment is a provider of on-site, outsourced services to the metals industries across the world.
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