HC2 (HCHC) Upgraded by Zacks Investment Research to “Buy”

HC2 (NYSE:HCHC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $6.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 20.97% from the company’s current price.

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, ValuEngine raised HC2 from a “hold” rating to a “buy” rating in a research note on Monday, August 20th.

Shares of HCHC opened at $4.96 on Thursday. HC2 has a 52-week low of $4.78 and a 52-week high of $7.79. The firm has a market capitalization of $240.89 million, a price-to-earnings ratio of -5.01 and a beta of 1.23. The company has a debt-to-equity ratio of 2.40, a current ratio of 3.35 and a quick ratio of 1.55.

HC2 (NYSE:HCHC) last issued its earnings results on Wednesday, August 8th. The technology company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.24). HC2 had a return on equity of 44.90% and a net margin of 8.65%. The company had revenue of $496.78 million during the quarter, compared to analyst estimates of $454.23 million. On average, sell-side analysts forecast that HC2 will post -2.05 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of HC2 by 1.1% during the 3rd quarter. BlackRock Inc. now owns 2,272,194 shares of the technology company’s stock worth $13,905,000 after purchasing an additional 25,347 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of HC2 by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,488,595 shares of the technology company’s stock worth $9,110,000 after purchasing an additional 36,156 shares during the period. Gabelli Funds LLC grew its holdings in shares of HC2 by 7.9% during the 3rd quarter. Gabelli Funds LLC now owns 273,510 shares of the technology company’s stock worth $1,674,000 after purchasing an additional 20,010 shares during the period. Gamco Investors INC. ET AL grew its holdings in shares of HC2 by 150.0% during the 3rd quarter. Gamco Investors INC. ET AL now owns 25,000 shares of the technology company’s stock worth $153,000 after purchasing an additional 15,000 shares during the period. Finally, Wealthstreet Investment Advisors LLC purchased a new position in shares of HC2 during the 3rd quarter worth $366,000. Institutional investors and hedge funds own 57.19% of the company’s stock.

HC2 Company Profile

HC2 Holdings, Inc engages in the construction, marine services, energy, telecommunications, insurance, 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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