Zacks Investment Research upgraded shares of Horizon Global (NYSE:HZN) from a strong sell rating to a hold rating in a research report released on Thursday.

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. “

HZN has been the subject of several other reports. B. Riley cut Horizon Global from a buy rating to a neutral rating and dropped their target price for the company from $10.50 to $3.00 in a report on Friday, November 9th. ValuEngine cut Horizon Global from a hold rating to a sell rating in a report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Horizon Global has a consensus rating of Hold and a consensus price target of $9.83.

NYSE HZN traded down $0.11 during trading hours on Thursday, hitting $1.87. 221,310 shares of the company’s stock traded hands, compared to its average volume of 445,889. Horizon Global has a 52-week low of $1.34 and a 52-week high of $13.56. The stock has a market cap of $49.22 million, a PE ratio of 1.91 and a beta of 1.34. The company has a current ratio of 1.80, a quick ratio of 0.90 and a debt-to-equity ratio of 20.60.

Horizon Global (NYSE:HZN) last posted its quarterly earnings results on Thursday, November 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.20). The company had revenue of $227.80 million during the quarter, compared to analysts’ expectations of $239.28 million. Horizon Global had a negative net margin of 20.37% and a negative return on equity of 2.41%. Horizon Global’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $0.38 earnings per share. On average, sell-side analysts forecast that Horizon Global will post -0.23 EPS for the current fiscal year.

In other Horizon Global news, General Counsel Jay Goldbaum acquired 20,220 shares of the stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average cost of $2.76 per share, for a total transaction of $55,807.20. Following the completion of the transaction, the general counsel now owns 46,464 shares of the company’s stock, valued at approximately $128,240.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Carl S. Bizon acquired 20,000 shares of the stock in a transaction that occurred on Friday, November 9th. The stock was acquired at an average price of $2.56 per share, with a total value of $51,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,847 shares of the company’s stock, valued at approximately $158,328.32. The disclosure for this purchase can be found here. In the last three months, insiders bought 67,220 shares of company stock valued at $171,037. Corporate insiders own 1.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of HZN. Paloma Partners Management Co purchased a new position in shares of Horizon Global during the 2nd quarter worth $684,000. Bank of America Corp DE boosted its stake in Horizon Global by 14.8% during the second quarter. Bank of America Corp DE now owns 130,334 shares of the company’s stock worth $777,000 after buying an additional 16,836 shares during the period. Skylands Capital LLC purchased a new position in Horizon Global during the third quarter worth about $927,000. Walthausen & Co. LLC purchased a new position in Horizon Global during the third quarter worth about $1,152,000. Finally, Millennium Management LLC purchased a new position in shares of Horizon Global during the 2nd quarter worth approximately $1,610,000. Institutional investors own 74.94% of the company’s stock.

Horizon Global Company Profile

Horizon Global Corporation designs, manufactures, and distributes a range of towing, trailering, cargo management, and other related accessory products to the automotive aftermarket, retail, and original equipment channels worldwide. It operates through three segments: Horizon Americas, Horizon Asia-Pacific, and Horizon Europe-Africa.

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