Horizon Global (HZN) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Horizon Global (NYSE:HZN) from a strong sell rating to a hold rating in a research note released on Thursday.

According to Zacks, “Horizon Global Corporation is a designer, manufacturer and distributor of towing, trailering, cargo management and accessory products for original equipment, aftermarket and retail customers. Horizon Global Corporation is based in Bloomfield Hills, United States. “

A number of other analysts also recently issued reports on HZN. ValuEngine downgraded Horizon Global from a hold rating to a sell rating in a report on Thursday, November 8th. B. Riley downgraded Horizon Global from a buy rating to a neutral rating and decreased their price target for the stock from $10.50 to $3.00 in a report on Friday, November 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Horizon Global presently has an average rating of Hold and a consensus target price of $9.83.

Horizon Global stock traded down $0.11 during trading on Thursday, reaching $1.87. The stock had a trading volume of 221,310 shares, compared to its average volume of 445,889. The company has a market capitalization of $49.22 million, a P/E ratio of 1.91 and a beta of 1.34. Horizon Global has a 52-week low of $1.34 and a 52-week high of $13.56. The company has a quick ratio of 0.90, a current ratio of 1.80 and a debt-to-equity ratio of 20.60.

Horizon Global (NYSE:HZN) last released its quarterly earnings data on Thursday, November 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.20). The firm had revenue of $227.80 million for the quarter, compared to analysts’ expectations of $239.28 million. Horizon Global had a negative return on equity of 2.41% and a negative net margin of 20.37%. Horizon Global’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the firm posted $0.38 earnings per share. As a group, research analysts anticipate that Horizon Global will post -0.23 earnings per share for the current fiscal year.

In related news, Director Denise Ilitch acquired 20,000 shares of Horizon Global stock in a transaction dated Monday, November 12th. The stock was acquired at an average price of $2.26 per share, for a total transaction of $45,200.00. Following the transaction, the director now owns 32,827 shares of the company’s stock, valued at $74,189.02. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Jay Goldbaum acquired 20,220 shares of Horizon Global stock in a transaction dated Friday, November 9th. The shares were bought at an average price of $2.76 per share, with a total value of $55,807.20. Following the transaction, the general counsel now directly owns 46,464 shares in the company, valued at approximately $128,240.64. The disclosure for this purchase can be found here. Insiders have bought a total of 67,220 shares of company stock valued at $171,037 in the last 90 days. Insiders own 1.90% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Horizon Global by 12.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,572,752 shares of the company’s stock valued at $9,374,000 after acquiring an additional 170,194 shares during the last quarter. Walthausen & Co. LLC purchased a new stake in shares of Horizon Global in the 3rd quarter valued at about $1,152,000. Paloma Partners Management Co purchased a new stake in shares of Horizon Global in the 2nd quarter valued at about $684,000. Skylands Capital LLC purchased a new stake in shares of Horizon Global in the 3rd quarter valued at about $927,000. Finally, Sagard Capital Partners Management Corp purchased a new stake in shares of Horizon Global in the 2nd quarter valued at about $7,230,000. 74.94% of the stock is owned by hedge funds and other institutional investors.

Horizon Global Company Profile

Horizon Global Corporation designs, manufactures, and distributes a range of towing, trailering, cargo management, and other related accessory products to the automotive aftermarket, retail, and original equipment channels worldwide. It operates through three segments: Horizon Americas, Horizon Asia-Pacific, and Horizon Europe-Africa.

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