Dimensional Fund Advisors LP Acquires 208,508 Shares of Horizon Global Corporation (HZN)
Dimensional Fund Advisors LP raised its stake in shares of Horizon Global Corporation (NYSE:HZN) by 26.0% during the first quarter, Holdings Channel reports. The institutional investor owned 1,010,260 shares of the company’s stock after buying an additional 208,508 shares during the period. Dimensional Fund Advisors LP’s holdings in Horizon Global Corporation were worth $14,022,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in HZN. Tocqueville Asset Management L.P. raised its stake in Horizon Global Corporation by 54.1% in the first quarter. Tocqueville Asset Management L.P. now owns 1,271,251 shares of the company’s stock valued at $17,645,000 after buying an additional 446,480 shares in the last quarter. First Manhattan Co. raised its stake in 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 in the last quarter. Vanguard Group Inc. raised its stake in Horizon Global Corporation by 24.2% in the first quarter. Vanguard Group Inc. now owns 887,446 shares of the company’s stock valued at $12,318,000 after buying an additional 172,933 shares in the last quarter. Northpointe Capital LLC acquired a new stake in Horizon Global Corporation during the first quarter valued at approximately $11,091,000. Finally, Loomis Sayles & Co. L P raised its stake in Horizon Global Corporation by 27.0% in the first quarter. Loomis Sayles & Co. L P now owns 726,451 shares of the company’s stock valued at $10,083,000 after buying an additional 154,323 shares in the last quarter. 93.74% of the stock is owned by institutional investors and hedge funds.
Shares of Horizon Global Corporation (HZN) traded up 0.12% during midday trading on Wednesday, hitting $17.20. 14,954 shares of the company traded hands. The stock’s 50-day moving average is $15.32 and its 200 day moving average is $15.31. Horizon Global Corporation has a 12-month low of $11.80 and a 12-month high of $26.36. The stock’s market capitalization is $428.90 million.
Horizon Global Corporation (NYSE:HZN) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $0.84 EPS for the quarter, topping the 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 company had revenue of $253.60 million during the quarter, compared to analysts’ expectations of $241.08 million. The company’s quarterly revenue was up 51.1% on a year-over-year basis. On average, analysts expect that Horizon Global Corporation will post $1.09 earnings per share for the current year.
Horizon Global Corporation declared that its board has authorized a stock repurchase program on Wednesday, May 3rd that permits the company to buyback 1,500,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several analysts recently commented on HZN shares. Zacks Investment Research raised shares of Horizon Global Corporation from a “hold” rating to a “strong-buy” rating and set a $21.00 target price for the company in a research note on Thursday, August 3rd. TheStreet raised shares of Horizon Global Corporation from a “d” rating to a “c-” rating in a research note on Friday, May 26th. BMO Capital Markets increased their target price on shares of Horizon Global Corporation from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, August 2nd. BidaskClub lowered shares of Horizon Global Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Roth Capital set a $22.00 target price on shares of Horizon Global Corporation and gave the company a “buy” rating in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price 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.
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