Horizon Global Corp. (HZN) Upgraded 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 issued on Wednesday. The brokerage presently has a $23.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 10.00% from the company’s current price.
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. “
Several other research firms have also commented on HZN. TheStreet upgraded Horizon Global Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, September 8th. CJS Securities began coverage on Horizon Global Corp. in a research note on Tuesday, September 20th. They issued a “market outperform” rating and a $23.00 target price for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $16.50.
Shares of Horizon Global Corp. (NYSE:HZN) traded down 0.62% during trading on Wednesday, hitting $20.91. The stock had a trading volume of 159,405 shares. The stock has a 50-day moving average of $19.04 and a 200 day moving average of $14.06. The firm has a market cap of $380.42 million, a price-to-earnings ratio of 26.81 and a beta of 2.25. Horizon Global Corp. has a 12-month low of $8.04 and a 12-month high of $22.12.
Horizon Global Corp. (NYSE:HZN) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.25. Horizon Global Corp. had a return on equity of 360.31% and a net margin of 2.40%. The business had revenue of $167.76 million for the quarter, compared to the consensus estimate of $166.54 million. On average, analysts predict that Horizon Global Corp. will post $1.09 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in HZN. Royal Bank of Canada raised its stake in shares of Horizon Global Corp. by 5.9% in the second quarter. Royal Bank of Canada now owns 838,609 shares of the company’s stock valued at $9,518,000 after buying an additional 46,853 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of Horizon Global Corp. during the second quarter valued at approximately $8,868,000. Spitfire Capital LLC raised its stake in shares of Horizon Global Corp. by 6,557.0% in the second quarter. Spitfire Capital LLC now owns 739,796 shares of the company’s stock valued at $8,397,000 after buying an additional 728,683 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Horizon Global Corp. by 6.1% in the second quarter. Vanguard Group Inc. now owns 655,838 shares of the company’s stock valued at $7,444,000 after buying an additional 37,507 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Horizon Global Corp. by 7.2% in the second quarter. Dimensional Fund Advisors LP now owns 620,515 shares of the company’s stock valued at $7,043,000 after buying an additional 41,536 shares in the last quarter. 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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