HC2 (HCHC) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of HC2 (NYSE:HCHC) from a sell rating to a hold rating in a research report released on Wednesday.

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 restated a buy rating and set a $11.50 target price on shares of HC2 in a research note on Monday, November 20th.

HC2 (HCHC) opened at $6.18 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 6.06. HC2 has a fifty-two week low of $4.30 and a fifty-two week high of $7.27.

HC2 (NYSE:HCHC) last announced its earnings results on Wednesday, November 8th. The technology company reported ($0.16) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $406.40 million for the quarter, compared to the consensus estimate of $428.04 million. During the same quarter in the previous year, the company earned ($0.20) EPS. 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 earnings per share for the current year.

In related news, insider Suzi R. Herbst sold 5,303 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was 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 in the company, valued at approximately $137,190.07. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert V. Leffler, Jr. sold 20,000 shares of the 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 sale, the director now owns 19,779 shares of the company’s stock, valued at approximately $98,895. The disclosure for this sale can be found here. 16.00% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of HC2 by 51.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,574,500 shares of the technology company’s stock worth $8,455,000 after acquiring an additional 533,100 shares during the period. B. Riley Financial Inc. lifted its position in shares of HC2 by 114.9% in the 2nd quarter. B. Riley Financial Inc. now owns 1,434,511 shares of the technology company’s stock worth $8,435,000 after acquiring an additional 766,861 shares during the period. Vanguard Group Inc. lifted its position in shares of HC2 by 10.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,504,558 shares of the technology company’s stock worth $8,847,000 after acquiring an additional 140,747 shares during the period. Schwab Charles Investment Management Inc. lifted its position in shares of HC2 by 103.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 106,031 shares of the technology company’s stock worth $624,000 after acquiring an additional 54,031 shares during the period. Finally, State Street Corp lifted its position in shares of HC2 by 17.1% in the 2nd quarter. State Street Corp now owns 531,373 shares of the technology company’s stock worth $3,121,000 after acquiring an additional 77,739 shares during the period. Institutional investors own 59.94% of the company’s stock.

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About HC2

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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