Zacks Investment Research Lowers HC2 Holdings Inc (HCHC) to Sell

HC2 Holdings Inc (NASDAQ: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 reaffirmed a “buy” rating and set a $10.00 price target on shares of HC2 Holdings in a research note on Sunday, August 13th.

HC2 Holdings (NASDAQ HCHC) traded down $0.02 during trading hours on Monday, reaching $5.02. 211,162 shares of the company’s stock traded hands, compared to its average volume of 135,767. HC2 Holdings has a 52-week low of $4.22 and a 52-week high of $7.27.

HC2 Holdings (NASDAQ:HCHC) last posted its earnings results on Wednesday, November 8th. The technology company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.07). The business had revenue of $406.40 million for the quarter, compared to analysts’ expectations of $428.04 million. During the same period in the prior year, the business earned ($0.20) EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. boosted its position in shares of HC2 Holdings by 7.1% in the first quarter. American International Group Inc. now owns 20,563 shares of the technology company’s stock worth $127,000 after acquiring an additional 1,364 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of HC2 Holdings by 5.6% in the second quarter. New York State Common Retirement Fund now owns 26,200 shares of the technology company’s stock worth $154,000 after acquiring an additional 1,399 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of HC2 Holdings by 7.1% in the first quarter. Goldman Sachs Group Inc. now owns 29,217 shares of the technology company’s stock worth $181,000 after acquiring an additional 1,931 shares during the last quarter. Voya Investment Management LLC lifted its position in HC2 Holdings by 29.2% during the second quarter. Voya Investment Management LLC now owns 20,115 shares of the technology company’s stock valued at $118,000 after buying an additional 4,546 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in HC2 Holdings by 7.4% during the second quarter. California State Teachers Retirement System now owns 72,211 shares of the technology company’s stock valued at $425,000 after buying an additional 5,000 shares in the last quarter.

HC2 Holdings Company Profile

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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