Jennison Associates LLC Makes New Investment in Harsco Co. (NYSE:HSC)

Jennison Associates LLC purchased a new position in shares of Harsco Co. (NYSE:HSC) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 35,405 shares of the industrial products company’s stock, valued at approximately $972,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Tygh Capital Management Inc. raised its stake in shares of Harsco by 27.9% during the second quarter. Tygh Capital Management Inc. now owns 326,407 shares of the industrial products company’s stock valued at $8,957,000 after purchasing an additional 71,237 shares during the period. Bbva USA Bancshares Inc. raised its stake in shares of Harsco by 5.5% during the second quarter. Bbva USA Bancshares Inc. now owns 31,490 shares of the industrial products company’s stock valued at $865,000 after purchasing an additional 1,655 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Harsco by 63.7% during the second quarter. Meeder Asset Management Inc. now owns 3,527 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 1,372 shares during the period. Everence Capital Management Inc. raised its stake in shares of Harsco by 38.0% during the second quarter. Everence Capital Management Inc. now owns 14,500 shares of the industrial products company’s stock valued at $398,000 after purchasing an additional 3,990 shares during the period. Finally, Swiss National Bank raised its stake in shares of Harsco by 1.1% during the second quarter. Swiss National Bank now owns 148,000 shares of the industrial products company’s stock valued at $4,061,000 after purchasing an additional 1,600 shares during the period. 85.41% of the stock is currently owned by institutional investors.

In other news, CFO Peter Francis Minan purchased 2,250 shares of Harsco stock in a transaction dated Friday, August 2nd. The stock was bought at an average price of $21.08 per share, with a total value of $47,430.00. Following the completion of the acquisition, the chief financial officer now owns 123,252 shares in the company, valued at approximately $2,598,152.16. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Scott H. Gerson sold 4,428 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $25.97, for a total transaction of $114,995.16. Following the transaction, the senior vice president now directly owns 17,633 shares of the company’s stock, valued at approximately $457,929.01. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 30,600 shares of company stock valued at $528,703. 1.64% of the stock is currently owned by corporate insiders.

A number of analysts have recently issued reports on HSC shares. TheStreet lowered shares of Harsco from a “b” rating to a “c+” rating in a research note on Wednesday, July 31st. Zacks Investment Research upgraded shares of Harsco from a “hold” rating to a “strong-buy” rating and set a $20.00 price target for the company in a research note on Wednesday. KeyCorp lifted their price target on shares of Harsco from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. ValuEngine lowered shares of Harsco from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Lake Street Capital lifted their price objective on shares of Harsco from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $30.33.

Harsco stock opened at $17.28 on Friday. The company has a market cap of $1.33 billion, a PE ratio of 13.19 and a beta of 2.14. The company has a fifty day moving average price of $21.41 and a two-hundred day moving average price of $23.14. The company has a debt-to-equity ratio of 3.85, a current ratio of 1.47 and a quick ratio of 1.22. Harsco Co. has a 12 month low of $16.33 and a 12 month high of $30.05.

Harsco (NYSE:HSC) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.16). The business had revenue of $350.90 million during the quarter, compared to analyst estimates of $478.30 million. Harsco had a return on equity of 31.17% and a net margin of 6.43%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 EPS. Equities research analysts anticipate that Harsco Co. will post 1.48 earnings per share for the current year.

Harsco Company Profile

Harsco Corporation provides industrial services and engineered products worldwide. The company operates in three segments: Harsco Metals & Minerals, Harsco Industrial, and Harsco Rail. The Harsco Metals & Minerals segment provides on-site services of material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; and value added environmental solutions for industrial co-products, as well as produces industrial abrasives and roofing granules.

Further Reading: How is the LIBOR rate calculated?

Want to see what other hedge funds are holding HSC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harsco Co. (NYSE:HSC).

Institutional Ownership by Quarter for Harsco (NYSE:HSC)

Receive News & Ratings for Harsco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harsco and related companies with MarketBeat.com's FREE daily email newsletter.