HC2 Holdings, Inc. (HCHC) Rating Lowered to Sell at Zacks Investment Research
HC2 Holdings, Inc. (NYSE:HCHC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
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 reiterated a “buy” rating and set a $11.50 price objective (up from $10.00) on shares of HC2 Holdings in a research report on Tuesday, November 7th.
HC2 Holdings (NYSE:HCHC) opened at $4.96 on Monday. The company has a debt-to-equity ratio of 6.06, a quick ratio of 1.34 and a current ratio of 1.34. HC2 Holdings has a 1 year low of $4.30 and a 1 year high of $7.27.
HC2 Holdings (NYSE:HCHC) last announced its quarterly earnings data on Wednesday, November 8th. The technology company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.07). The firm had revenue of $406.40 million for the quarter, compared to the consensus estimate of $428.04 million. HC2 Holdings had a negative net margin of 6.13% and a negative return on equity of 67.69%. HC2 Holdings’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) earnings per share. equities analysts anticipate that HC2 Holdings will post -1.11 earnings per share for the current year.
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In related news, Director Robert V. Leffler, Jr. sold 20,000 shares of the 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 completion of the sale, the director now directly owns 19,779 shares in the company, valued at approximately $98,895. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Suzi R. Herbst sold 5,303 shares of the 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 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 corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. PEAK6 Investments L.P. purchased a new stake in HC2 Holdings during the 3rd quarter valued at about $179,000. Schwab Charles Investment Management Inc. boosted its holdings in HC2 Holdings by 19.6% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 126,795 shares of the technology company’s stock valued at $670,000 after acquiring an additional 20,764 shares during the period. Wells Fargo & Company MN boosted its holdings in HC2 Holdings by 48.6% during the 3rd quarter. Wells Fargo & Company MN now owns 58,523 shares of the technology company’s stock valued at $309,000 after acquiring an additional 19,148 shares during the period. JPMorgan Chase & Co. boosted its holdings in HC2 Holdings by 51.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,574,500 shares of the technology company’s stock valued at $8,455,000 after acquiring an additional 533,100 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in HC2 Holdings by 8.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 147,790 shares of the technology company’s stock valued at $780,000 after acquiring an additional 12,032 shares during the period. Institutional investors own 61.12% of the company’s stock.
About HC2 Holdings
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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