November 10, 2019 at 4:29 pm

HC2 (NYSE:HCHC) Downgraded by Zacks Investment Research

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Zacks Investment Research cut shares of HC2 (NYSE:HCHC) from a buy rating to a hold rating in a report published on Thursday morning, Zacks.com reports.

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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. “

HCHC has been the subject of a number of other research reports. ValuEngine lowered shares of HC2 from a buy rating to a hold rating in a research report on Wednesday, September 4th. B. Riley set a $11.00 target price on shares of HC2 and gave the company a buy rating in a research report on Wednesday, July 31st.

Shares of HC2 stock traded up $0.06 during trading on Thursday, hitting $2.32. 93,830 shares of the stock were exchanged, compared to its average volume of 298,475. The stock’s fifty day moving average is $2.29 and its 200 day moving average is $2.29. The stock has a market cap of $111.42 million, a PE ratio of -2.83 and a beta of 1.48. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.86 and a current ratio of 1.86. HC2 has a 12 month low of $1.90 and a 12 month high of $5.16.

HC2 (NYSE:HCHC) last announced its earnings results on Tuesday, November 5th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.07. The firm had revenue of $475.70 million during the quarter, compared to analyst estimates of $510.78 million. HC2 had a negative net margin of 0.61% and a negative return on equity of 5.76%. Sell-side analysts anticipate that HC2 will post -0.26 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC lifted its holdings in HC2 by 11.8% in the 2nd quarter. Acadian Asset Management LLC now owns 512,180 shares of the technology company’s stock valued at $1,208,000 after acquiring an additional 54,024 shares during the last quarter. Ardsley Advisory Partners LP acquired a new stake in HC2 in the 2nd quarter valued at about $119,000. Raging Capital Management LLC acquired a new stake in HC2 in the 2nd quarter valued at about $2,056,000. Paloma Partners Management Co acquired a new stake in HC2 in the 2nd quarter valued at about $461,000. Finally, CAPROCK Group Inc. lifted its holdings in HC2 by 30.5% in the 2nd quarter. CAPROCK Group Inc. now owns 143,500 shares of the technology company’s stock valued at $339,000 after acquiring an additional 33,500 shares during the last quarter. 53.61% of the stock is owned by institutional investors.

HC2 Company Profile

HC2 Holdings, Inc provides construction, marine services, energy, telecommunications, insurance, life sciences, broadcasting, and other services in the United States, the United Kingdom, and internationally. The company models, details, fabricates, and erects structural steel for commercial and industrial, and infrastructure construction projects, including building 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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