Trading Report: The Horizon Global Corp. (HZN) Upgraded to “Buy” at Zacks Investment Research

The 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 firm currently has a $23.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 10.00% from the stock’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 equities research analysts have also weighed in on HZN. TheStreet raised Horizon Global Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, September 8th. CJS Securities initiated coverage on Horizon Global Corp. in a research note on Tuesday, September 20th. They set a “market outperform” rating and a $23.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Horizon Global Corp. has an average rating of “Buy” and a consensus target price of $16.50.

Shares of Horizon Global Corp. (NYSE:HZN) traded down 0.62% during midday trading on Wednesday, reaching $20.91. The company’s stock had a trading volume of 159,405 shares. The stock has a market capitalization of $380.42 million, a PE ratio of 26.81 and a beta of 2.25. Horizon Global Corp. has a 52 week low of $8.04 and a 52 week high of $22.12. The stock has a 50-day moving average price of $19.04 and a 200 day moving average price of $14.06.

Horizon Global Corp. (NYSE:HZN) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.25. The business earned $167.76 million during the quarter, compared to analyst estimates of $166.54 million. Horizon Global Corp. had a return on equity of 360.31% and a net margin of 2.40%. Equities analysts forecast that Horizon Global Corp. will post $1.09 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Spark Investment Management LLC boosted its stake in shares of Horizon Global Corp. by 362.8% in the first quarter. Spark Investment Management LLC now owns 135,600 shares of the company’s stock valued at $1,705,000 after buying an additional 106,300 shares during the period. Motley Fool Wealth Management LLC raised its stake in shares of Horizon Global Corp. by 10.1% in the first quarter. Motley Fool Wealth Management LLC now owns 213,675 shares of the company’s stock valued at $2,688,000 after buying an additional 19,568 shares in the last quarter. BP Capital Fund Advisors LLC raised its stake in shares of Horizon Global Corp. by 2.2% in the first quarter. BP Capital Fund Advisors LLC now owns 437,478 shares of the company’s stock valued at $5,503,000 after buying an additional 9,595 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Horizon Global Corp. by 48.7% in the first quarter. Renaissance Technologies LLC now owns 115,400 shares of the company’s stock valued at $1,452,000 after buying an additional 37,800 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Horizon Global Corp. by 3.2% in the first quarter. Barclays PLC now owns 44,908 shares of the company’s stock valued at $539,000 after buying an additional 1,400 shares in the last quarter. 88.31% of the stock is owned by institutional investors and hedge funds.

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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