Horizon Global Corp. (HZN) Rating Increased to Buy at Zacks Investment Research
Horizon Global Corp. (NYSE:HZN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $23.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.00% from the company’s previous close.
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 equities research analysts have also recently weighed in on the company. CJS Securities began coverage on Horizon Global Corp. in a report on Tuesday, September 20th. They set a “market outperform” rating and a $23.00 price target on the stock. TheStreet raised Horizon Global Corp. from a “sell” rating to a “hold” rating in a report on Thursday, September 8th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $16.50.
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Shares of Horizon Global Corp. (NYSE:HZN) traded down 0.62% during midday trading on Wednesday, reaching $20.91. The company’s stock had a trading volume of 159,405 shares. Horizon Global Corp. has a 12 month low of $8.04 and a 12 month high of $22.12. The stock has a market capitalization of $380.42 million, a PE ratio of 26.81 and a beta of 2.25. The stock’s 50 day moving average is $19.04 and its 200 day moving average is $14.06.
Horizon Global Corp. (NYSE:HZN) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.25. The company had revenue of $167.76 million for the quarter, compared to analysts’ expectations of $166.54 million. Horizon Global Corp. had a return on equity of 360.31% and a net margin of 2.40%. On average, analysts forecast that Horizon Global Corp. will post $1.09 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of HZN. Wilen Investment Management CORP. acquired a new position in Horizon Global Corp. during the second quarter valued at about $139,000. Nationwide Fund Advisors raised its position in Horizon Global Corp. by 5.7% in the second quarter. Nationwide Fund Advisors now owns 12,413 shares of the company’s stock valued at $141,000 after buying an additional 672 shares during the period. Metropolitan Life Insurance Co. NY acquired a new position in Horizon Global Corp. during the second quarter valued at about $162,000. Numeric Investors LLC raised its position in Horizon Global Corp. by 17.4% in the second quarter. Numeric Investors LLC now owns 16,230 shares of the company’s stock valued at $184,000 after buying an additional 2,400 shares during the period. Finally, Citadel Advisors LLC acquired a new position in Horizon Global Corp. during the second quarter valued at about $205,000. Hedge funds and other institutional investors own 88.31% of the company’s stock.
About Horizon Global Corp.
Horizon Global Corporation is a designer, manufacturer and distributor of a range of custom-engineered towing, trailering, cargo management and other related accessory products serving the automotive aftermarket, retail and original equipment (OE) channels. The Company operates through two segments: Cequent Americas and Cequent APEA.
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