Tocqueville Asset Management L.P. Cuts Stake in Horizon Global Corporation (HZN)
Tocqueville Asset Management L.P. reduced its position in Horizon Global Corporation (NYSE:HZN) by 6.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,146,698 shares of the company’s stock after selling 78,243 shares during the quarter. Tocqueville Asset Management L.P. owned 4.60% of Horizon Global Corporation worth $20,228,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Voya Investment Management LLC purchased a new position in shares of Horizon Global Corporation in the 2nd quarter worth about $159,000. Wilen Investment Management CORP. boosted its holdings in shares of Horizon Global Corporation by 3.0% in the 2nd quarter. Wilen Investment Management CORP. now owns 12,440 shares of the company’s stock worth $174,000 after purchasing an additional 360 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Horizon Global Corporation by 58.1% in the 2nd quarter. Sei Investments Co. now owns 12,406 shares of the company’s stock worth $178,000 after purchasing an additional 4,561 shares in the last quarter. American International Group Inc. boosted its holdings in shares of Horizon Global Corporation by 25.7% in the 1st quarter. American International Group Inc. now owns 13,190 shares of the company’s stock worth $183,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Horizon Global Corporation in the 2nd quarter worth about $186,000. Hedge funds and other institutional investors own 92.49% of the company’s stock.
In other Horizon Global Corporation news, CEO A Mark Zeffiro sold 17,130 shares of the firm’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $16.45, for a total value of $281,788.50. Following the completion of the sale, the chief executive officer now owns 238,284 shares of the company’s stock, valued at $3,919,771.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.27% of the stock is owned by company insiders.
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A number of research firms have recently issued reports on HZN. Zacks Investment Research cut Horizon Global Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. BMO Capital Markets reiterated a “buy” rating and issued a $20.00 price objective on shares of Horizon Global Corporation in a report on Friday, October 13th. Bank of America Corporation cut Horizon Global Corporation from a “neutral” rating to an “underperform” rating in a report on Tuesday, September 5th. Roth Capital set a $22.00 target price on Horizon Global Corporation and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Finally, BidaskClub lowered Horizon Global Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Horizon Global Corporation has a consensus rating of “Hold” and a consensus target price of $19.83.
Horizon Global Corporation (NYSE:HZN) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The business had revenue of $240.10 million during the quarter, compared to the consensus estimate of $227.24 million. Horizon Global Corporation had a negative net margin of 0.56% and a positive return on equity of 16.58%. The firm’s quarterly revenue was up 58.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 earnings per share.
Horizon Global Corporation Company Profile
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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