HC2 (NYSE:HCHC) Cut to “Sell” at Zacks Investment Research

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

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. “

A number of other equities research analysts have also recently commented on HCHC. ValuEngine upgraded HC2 from a hold rating to a buy rating in a research note on Sunday, May 3rd. B. Riley initiated coverage on HC2 in a report on Thursday, June 11th. They issued a buy rating and a $8.50 price objective on the stock.

Shares of NYSE HCHC opened at $2.71 on Wednesday. The business has a fifty day moving average price of $3.15 and a 200 day moving average price of $2.89. The company has a debt-to-equity ratio of 11.34, a current ratio of 1.56 and a quick ratio of 1.56. HC2 has a 1-year low of $1.29 and a 1-year high of $4.33. The stock has a market capitalization of $126.15 million, a P/E ratio of -1.08 and a beta of 2.25.

HC2 (NYSE:HCHC) last released its quarterly earnings results on Monday, May 11th. The technology company reported ($0.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.36). HC2 had a negative net margin of 5.77% and a negative return on equity of 8.10%. The business had revenue of $444.80 million during the quarter, compared to analysts’ expectations of $461.13 million. As a group, equities research analysts anticipate that HC2 will post -1.94 earnings per share for the current fiscal year.

In related news, Director Kenneth S. Courtis acquired 24,835 shares of HC2 stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average price of $3.13 per share, for a total transaction of $77,733.55. Following the completion of the transaction, the director now owns 308,185 shares in the company, valued at approximately $964,619.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Avram A. Glazer acquired 612,634 shares of HC2 stock in a transaction that occurred on Wednesday, June 3rd. The shares were bought at an average price of $3.06 per share, for a total transaction of $1,874,660.04. Following the transaction, the director now owns 250,604 shares of the company’s stock, valued at approximately $766,848.24. The disclosure for this purchase can be found here. Insiders bought 1,083,702 shares of company stock worth $3,554,370 over the last ninety days. Corporate insiders own 30.40% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Strs Ohio purchased a new position in HC2 during the second quarter worth approximately $29,000. Goldman Sachs Group Inc. purchased a new position in HC2 during the fourth quarter worth approximately $44,000. JS Capital Management LLC purchased a new position in HC2 during the first quarter worth approximately $32,000. SG Americas Securities LLC purchased a new position in HC2 during the second quarter worth approximately $79,000. Finally, Advisor Group Holdings Inc. purchased a new position in HC2 during the first quarter worth approximately $1,237,000. Hedge funds and other institutional investors own 39.07% of the company’s stock.

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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