SummerHaven Investment Management LLC Makes New Investment in Healthcare Services Group, Inc. $HCSG

SummerHaven Investment Management LLC purchased a new position in shares of Healthcare Services Group, Inc. (NASDAQ:HCSG) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 72,544 shares of the business services provider’s stock, valued at approximately $1,484,000. Healthcare Services Group makes up about 1.0% of SummerHaven Investment Management LLC’s holdings, making the stock its 20th largest holding. SummerHaven Investment Management LLC owned 0.11% of Healthcare Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new stake in shares of Healthcare Services Group during the 2nd quarter valued at about $3,661,000. Meros Investment Management LP purchased a new position in shares of Healthcare Services Group in the 2nd quarter valued at about $7,112,502. Empowered Funds LLC raised its holdings in Healthcare Services Group by 123.6% in the 1st quarter. Empowered Funds LLC now owns 215,824 shares of the business services provider’s stock worth $4,004,000 after purchasing an additional 119,290 shares during the period. Legal & General Group Plc acquired a new position in Healthcare Services Group in the 2nd quarter worth about $4,169,000. Finally, Bank of New York Mellon Corp acquired a new position in Healthcare Services Group in the 2nd quarter worth about $10,438,000. Institutional investors and hedge funds own 97.97% of the company’s stock.

Healthcare Services Group Stock Performance

Shares of HCSG opened at $21.13 on Friday. Healthcare Services Group, Inc. has a one year low of $16.08 and a one year high of $25.75. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 12.28 and a beta of 0.81. The stock has a 50 day moving average price of $21.58 and a 200 day moving average price of $21.77.

Healthcare Services Group (NASDAQ:HCSG) last posted its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.22 by $0.10. The firm had revenue of $470.81 million during the quarter, compared to the consensus estimate of $471.22 million. Healthcare Services Group had a return on equity of 18.97% and a net margin of 6.59%. During the same period in the prior year, the company earned ($0.44) EPS. On average, analysts predict that Healthcare Services Group, Inc. will post 1.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HCSG. Oppenheimer initiated coverage on Healthcare Services Group in a research report on Wednesday, August 19th. They set an “outperform” rating and a $28.00 price target on the stock. Weiss Ratings upgraded Healthcare Services Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, September 25th. UBS Group boosted their price objective on Healthcare Services Group from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Zacks Research downgraded Healthcare Services Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 29th. Finally, Wall Street Zen downgraded Healthcare Services Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $26.67.

Insider Activity

In other news, COO Andrew Kush sold 15,598 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $23.24, for a total transaction of $362,497.52. Following the completion of the sale, the chief operating officer owned 22,741 shares of the company’s stock, valued at $528,500.84. This represents a 40.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by insiders.

Healthcare Services Group Profile

Healthcare Services Group, Inc (NASDAQ:HCSG) provides outsourced support services to healthcare and senior-living facilities in the United States. Its primary customers include skilled nursing facilities, nursing homes, continuing care retirement communities and other healthcare-related organizations.

The company’s services are organized primarily around housekeeping and dining operations. Housekeeping services include cleaning, laundry and related environmental services, while dining services may include food procurement, meal preparation, dietary management and other support for resident and patient meal programs.