First Manhattan Co. lowered its position in Horizon Global Corporation (NYSE:HZN) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,431,721 shares of the company’s stock after selling 14,305 shares during the period. First Manhattan Co. owned about 5.60% of Horizon Global Corporation worth $20,559,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in HZN. Boston Partners purchased a new stake in Horizon Global Corporation during the first quarter valued at $5,249,000. Capital Fund Management S.A. purchased a new stake in Horizon Global Corporation during the first quarter valued at $149,000. Falcon Point Capital LLC purchased a new stake in Horizon Global Corporation during the first quarter valued at $717,000. Tocqueville Asset Management L.P. increased its stake in Horizon Global Corporation by 54.1% in the first quarter. Tocqueville Asset Management L.P. now owns 1,271,251 shares of the company’s stock valued at $17,645,000 after buying an additional 446,480 shares during the last quarter. Finally, Northpointe Capital LLC purchased a new stake in Horizon Global Corporation during the first quarter valued at $11,091,000. 92.34% of the stock is owned by institutional investors.

Horizon Global Corporation (HZN) traded up 0.33% during trading on Friday, reaching $17.99. The company’s stock had a trading volume of 307,557 shares. Horizon Global Corporation has a 52 week low of $11.80 and a 52 week high of $26.36. The firm has a 50 day moving average of $15.13 and a 200 day moving average of $15.40. The stock’s market capitalization is $448.60 million.

Horizon Global Corporation (NYSE:HZN) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.17. Horizon Global Corporation had a negative net margin of 1.45% and a positive return on equity of 18.86%. The firm had revenue of $253.60 million for the quarter, compared to analysts’ expectations of $241.08 million. Horizon Global Corporation’s revenue was up 51.1% on a year-over-year basis. Analysts expect that Horizon Global Corporation will post $1.09 EPS for the current year.

Horizon Global Corporation announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 3rd that authorizes the company to buyback 1,500,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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Several brokerages recently issued reports on HZN. BMO Capital Markets restated a “buy” rating and issued a $18.00 price target on shares of Horizon Global Corporation in a research report on Thursday, July 13th. Zacks Investment Research cut Horizon Global Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 20th. Roth Capital set a $22.00 price target on Horizon Global Corporation and gave the company a “buy” rating in a research report on Wednesday, August 2nd. BidaskClub cut Horizon Global Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, TheStreet upgraded Horizon Global Corporation from a “d” rating to a “c-” rating in a research report on Friday, May 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $20.29.

Horizon Global Corporation Company Profile

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.

Institutional Ownership by Quarter for Horizon Global Corporation (NYSE:HZN)

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