Zacks Investment Research Lowers Horizon Global Corp (HZN) to Strong Sell

Zacks Investment Research lowered shares of Horizon Global Corp (NYSE:HZN) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday.

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. “

Other equities analysts have also recently issued research reports about the company. Roth Capital set a $23.00 price objective on Horizon Global Corp and gave the stock a buy rating in a research report on Wednesday, March 8th. TheStreet cut Horizon Global Corp from a c rating to an e+ rating in a research report on Thursday, March 9th. Wells Fargo & Co initiated coverage on Horizon Global Corp in a research report on Tuesday, February 21st. They set a market perform rating for the company. Bank of America Corp initiated coverage on Horizon Global Corp in a research report on Tuesday, March 14th. They set a neutral rating and a $18.00 price objective for the company. Finally, Seaport Global Securities cut Horizon Global Corp from a buy rating to a neutral rating and set a $16.00 price objective for the company. in a research report on Monday, March 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $20.83.

Analyst Recommendations for Horizon Global Corp (NYSE:HZN)

Shares of Horizon Global Corp (NYSE:HZN) traded up 0.44% during mid-day trading on Tuesday, reaching $13.58. The company’s stock had a trading volume of 48,664 shares. Horizon Global Corp has a 12 month low of $10.60 and a 12 month high of $26.36. The company has a 50 day moving average of $17.95 and a 200-day moving average of $20.64. The firm’s market capitalization is $346.78 million.

Horizon Global Corp (NYSE:HZN) last posted its quarterly earnings data on Thursday, March 9th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.12) by $0.25. Horizon Global Corp had a return on equity of 208.56% and a net margin of 1.39%. The business had revenue of $183.61 million for the quarter, compared to analyst estimates of $169.15 million. During the same period in the prior year, the firm posted $0.06 EPS. Horizon Global Corp’s revenue for the quarter was up 51.4% on a year-over-year basis. Equities research analysts forecast that Horizon Global Corp will post $0.93 EPS for the current year.

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In other news, CFO David G. Rice purchased 4,000 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were purchased at an average cost of $14.41 per share, for a total transaction of $57,640.00. Following the completion of the purchase, the chief financial officer now directly owns 59,589 shares of the company’s stock, valued at approximately $858,677.49. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO A Mark Zeffiro purchased 10,800 shares of the stock in a transaction that occurred on Tuesday, March 14th. The shares were purchased at an average price of $13.57 per share, for a total transaction of $146,556.00. The disclosure for this purchase can be found here. Insiders have purchased 16,900 shares of company stock worth $233,709 over the last 90 days. Corporate insiders own 0.73% of the company’s stock.

A number of institutional investors have recently modified their holdings of HZN. Russell Investments Group Ltd. purchased a new position in shares of Horizon Global Corp during the fourth quarter valued at about $10,099,000. RK Capital Management LLC purchased a new position in shares of Horizon Global Corp during the fourth quarter valued at about $7,981,000. Numeric Investors LLC raised its position in shares of Horizon Global Corp by 209.3% in the fourth quarter. Numeric Investors LLC now owns 311,743 shares of the company’s stock valued at $7,482,000 after buying an additional 210,943 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Horizon Global Corp by 24.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 801,752 shares of the company’s stock valued at $19,242,000 after buying an additional 158,373 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Horizon Global Corp by 31.6% in the fourth quarter. Renaissance Technologies LLC now owns 517,100 shares of the company’s stock valued at $12,410,000 after buying an additional 124,200 shares in the last quarter. Hedge funds and other institutional investors own 63.97% 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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