HC2 (HCHC) Rating Increased to Buy at Zacks Investment Research

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HC2 (NYSE:HCHC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $6.00 price target on the technology company’s stock. Zacks Investment Research‘s price target indicates 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 downgraded shares of HC2 from a “buy” rating to a “hold” rating in a report on Thursday, November 1st.

HCHC stock opened at $4.96 on Thursday. The company has a quick ratio of 1.55, a current ratio of 3.35 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $240.89 million, a P/E ratio of -5.01 and a beta of 1.23. HC2 has a 1-year low of $4.78 and a 1-year high of $7.79.

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

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in HC2 by 1.1% in the third 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in HC2 by 2.5% in the third 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 in the last quarter. Gabelli Funds LLC raised its holdings in HC2 by 7.9% in the third 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 in the last quarter. Gamco Investors INC. ET AL raised its holdings in HC2 by 150.0% in the third 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 in the last quarter. Finally, Wealthstreet Investment Advisors LLC bought a new position in HC2 in the third quarter worth about $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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