Houghton Mifflin Harcourt (HMHC) Shares Gap Down After Earnings Miss

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Houghton Mifflin Harcourt Co (NASDAQ:HMHC)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $6.56, but opened at $6.81. Houghton Mifflin Harcourt shares last traded at $6.59, with a volume of 24723 shares changing hands.

The business services provider reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.22). Houghton Mifflin Harcourt had a negative return on equity of 15.82% and a negative net margin of 6.92%. The firm had revenue of $195.00 million for the quarter, compared to analysts’ expectations of $201.61 million. During the same quarter in the previous year, the firm posted ($0.82) earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis.

HMHC has been the topic of several research analyst reports. BMO Capital Markets lowered their price objective on shares of Houghton Mifflin Harcourt from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Monday, March 4th. BidaskClub cut shares of Houghton Mifflin Harcourt from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 9th. TheStreet cut shares of Houghton Mifflin Harcourt from a “c-” rating to a “d” rating in a research report on Friday, March 22nd. Finally, Zacks Investment Research cut shares of Houghton Mifflin Harcourt from a “hold” rating to a “sell” rating in a report on Saturday, February 23rd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $9.63.

In other news, major shareholder Anchorage Capital Group, L.L.C sold 622,320 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $7.75, for a total transaction of $4,822,980.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.69% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Private Capital Group LLC grew its holdings in shares of Houghton Mifflin Harcourt by 91.3% during the 1st quarter. Private Capital Group LLC now owns 4,400 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 2,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Houghton Mifflin Harcourt by 70.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,048 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 3,317 shares in the last quarter. Signition LP purchased a new position in shares of Houghton Mifflin Harcourt during the 1st quarter valued at $84,000. Acadian Asset Management LLC purchased a new position in shares of Houghton Mifflin Harcourt during the 1st quarter valued at $93,000. Finally, Menta Capital LLC acquired a new stake in shares of Houghton Mifflin Harcourt in the 1st quarter valued at $94,000. Institutional investors and hedge funds own 94.49% of the company’s stock.

The company has a current ratio of 1.45, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.01 billion, a PE ratio of -6.15 and a beta of 0.79.

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About Houghton Mifflin Harcourt (NASDAQ:HMHC)

Houghton Mifflin Harcourt Company, a learning company, provides curriculum, supplemental, and intervention solutions; and professional learning services worldwide. The company operates in two segments, Education and Trade Publishing. The Education segment provides educational products, technology platforms, and services, including print and digital content in the form of textbooks, digital courseware, instructional aids, educational assessment, and intervention solutions for students.

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