Zacks Investment Research Upgrades Horizon Global Corporation (NYSE:HZN) to Buy

Horizon Global Corporation (NYSE:HZN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $17.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 22.83% from the stock’s previous close.

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 a number of other research reports. Barrington Research reduced their price objective on Horizon Global Corporation to $22.00 and set an “outperform” rating for the company in a research note on Monday, March 13th. TheStreet cut Horizon Global Corporation from a “c” rating to an “e+” rating in a research note on Thursday, March 9th. Seaport Global Securities cut Horizon Global Corporation from a “buy” rating to a “neutral” rating and set a $16.00 price objective for the company. in a research note on Monday, March 13th. Roth Capital set a $23.00 price target on Horizon Global Corporation and gave the stock a “buy” rating in a research note on Wednesday, March 8th. Finally, BMO Capital Markets restated an “outperform” rating and set a $18.00 price target on shares of Horizon Global Corporation in a research note on Wednesday, April 12th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $19.57.

Horizon Global Corporation (NYSE HZN) opened at 13.84 on Thursday. Horizon Global Corporation has a 52-week low of $10.96 and a 52-week high of $26.36. The stock’s market capitalization is $354.04 million. The firm’s 50-day moving average is $14.70 and its 200-day moving average is $17.05.

Horizon Global Corporation (NYSE:HZN) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.26. Horizon Global Corporation had a negative net margin of 3.46% and a positive return on equity of 11.48%. The firm had revenue of $203.28 million during the quarter, compared to analysts’ expectations of $204.90 million. Analysts predict that Horizon Global Corporation will post $0.98 earnings per share for the current year.

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In related news, Director Scott G. Kunselman purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was acquired at an average price of $13.97 per share, for a total transaction of $27,940.00. Following the completion of the purchase, the director now directly owns 11,160 shares of the company’s stock, valued at $155,905.20. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 1.27% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in HZN. State Street Corp boosted its stake in Horizon Global Corporation by 9.4% in the fourth quarter. State Street Corp now owns 304,758 shares of the company’s stock valued at $7,314,000 after buying an additional 26,175 shares during the period. Dimensional Fund Advisors LP boosted its stake in Horizon Global Corporation by 24.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 801,752 shares of the company’s stock valued at $19,242,000 after buying an additional 158,373 shares during the period. Renaissance Technologies LLC boosted its stake in Horizon Global Corporation by 31.6% in the fourth quarter. Renaissance Technologies LLC now owns 517,100 shares of the company’s stock valued at $12,410,000 after buying an additional 124,200 shares during the period. Envestnet Asset Management Inc. bought a new stake in Horizon Global Corporation during the fourth quarter valued at approximately $153,000. Finally, A.R.T. Advisors LLC bought a new stake in Horizon Global Corporation during the fourth quarter valued at approximately $520,000. Institutional investors and hedge funds own 88.28% of the company’s stock.

About Horizon Global Corporation

Horizon Global Corporation is a designer, manufacturer and distributor of a range of custom-engineered towing, trailering, cargo management and other products serving the automotive aftermarket, retail and original equipment (OE) channels. The Company operates through three segments: Horizon Americas, Horizon Asia-Pacific, and Horizon Europe-Africa.

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Analyst Recommendations for Horizon Global Corporation (NYSE:HZN)

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