OppenheimerFunds Inc. Trims Holdings in Harsco Co. (HSC)

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OppenheimerFunds Inc. reduced its stake in Harsco Co. (NYSE:HSC) by 15.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 48,406 shares of the industrial products company’s stock after selling 8,641 shares during the period. OppenheimerFunds Inc. owned approximately 0.06% of Harsco worth $1,000,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HSC. SG Americas Securities LLC bought a new stake in Harsco in the 1st quarter valued at $118,000. LS Investment Advisors LLC increased its holdings in Harsco by 127.7% in the 4th quarter. LS Investment Advisors LLC now owns 6,526 shares of the industrial products company’s stock valued at $122,000 after acquiring an additional 3,660 shares during the last quarter. Elkfork Partners LLC bought a new stake in Harsco in the 4th quarter valued at $142,000. Envestnet Asset Management Inc. increased its holdings in Harsco by 4,801.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 7,548 shares of the industrial products company’s stock valued at $156,000 after acquiring an additional 7,394 shares during the last quarter. Finally, Northern Oak Wealth Management Inc. bought a new stake in Harsco in the 1st quarter valued at $161,000. Institutional investors own 83.77% of the company’s stock.

In other news, SVP Scott H. Gerson sold 7,519 shares of Harsco stock in a transaction that occurred on Thursday, May 31st. The stock was sold at an average price of $24.23, for a total transaction of $182,185.37. Following the sale, the senior vice president now owns 22,713 shares of the company’s stock, valued at approximately $550,335.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Tracey L. Mckenzie sold 8,985 shares of Harsco stock in a transaction that occurred on Friday, May 11th. The stock was sold at an average price of $22.08, for a total value of $198,388.80. Following the sale, the senior vice president now directly owns 5,871 shares in the company, valued at approximately $129,631.68. The disclosure for this sale can be found here. Insiders sold a total of 30,288 shares of company stock worth $681,755 in the last ninety days. Insiders own 1.04% of the company’s stock.

HSC has been the topic of a number of research reports. TheStreet upgraded shares of Harsco from a “c” rating to a “b-” rating in a report on Thursday, May 3rd. KeyCorp reissued a “buy” rating and issued a $25.00 price objective (up from $23.00) on shares of Harsco in a research note on Tuesday, February 27th. Lake Street Capital reissued a “buy” rating and issued a $30.00 price objective (up from $26.00) on shares of Harsco in a research note on Friday, February 23rd. Alembic Global Advisors reissued a “buy” rating on shares of Harsco in a research note on Friday, February 23rd. Finally, ValuEngine raised shares of Harsco from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $25.20.

Shares of Harsco opened at $24.25 on Friday, MarketBeat.com reports. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 32.77 and a beta of 2.69. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.50 and a quick ratio of 1.16. Harsco Co. has a 52 week low of $14.95 and a 52 week high of $26.75.

Harsco (NYSE:HSC) last released its earnings results on Wednesday, May 2nd. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.03. The firm had revenue of $408.04 million for the quarter, compared to analyst estimates of $390.75 million. Harsco had a return on equity of 32.22% and a net margin of 1.02%. The company’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. research analysts expect that Harsco Co. will post 1.2 EPS for the current fiscal year.

Harsco announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 2nd that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the industrial products company to buy up to 4.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Harsco Company Profile

Harsco Corporation provides industrial services and engineered products worldwide. The company operates in three segments: Harsco Metals & Minerals, Harsco Industrial, and Harsco Rail. The Harsco Metals & Minerals segment provides on-site services of material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; and value added environmental solutions for industrial co-products, as well as produces industrial abrasives and roofing granules.

Institutional Ownership by Quarter for Harsco (NYSE:HSC)

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