Shares of H&E Equipment Services, Inc. (NASDAQ:HEES) were up 6.4% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $30.05 and last traded at $29.93. Approximately 624,608 shares changed hands during trading, an increase of 95% from the average daily volume of 320,243 shares. The stock had previously closed at $28.12.
The industrial products company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.32. H&E Equipment Services had a return on equity of 27.93% and a net margin of 4.08%. The company had revenue of $259.16 million for the quarter, compared to analyst estimates of $252.94 million. During the same period in the prior year, the company posted $0.33 EPS. H&E Equipment Services’s quarterly revenue was up 5.9% on a year-over-year basis.
A number of brokerages have recently weighed in on HEES. ValuEngine upgraded H&E Equipment Services from a “hold” rating to a “buy” rating in a report on Monday, August 14th. Bank of America Corporation began coverage on H&E Equipment Services in a report on Tuesday, September 26th. They issued a “buy” rating and a $33.00 price target for the company. Zacks Investment Research downgraded H&E Equipment Services from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Royal Bank Of Canada reiterated a “buy” rating on shares of H&E Equipment Services in a report on Friday, July 28th. Finally, BidaskClub upgraded H&E Equipment Services from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $26.50.
Several hedge funds and other institutional investors have recently modified their holdings of HEES. SG Capital Management LLC bought a new stake in shares of H&E Equipment Services in the 2nd quarter valued at approximately $18,761,000. Victory Capital Management Inc. increased its holdings in shares of H&E Equipment Services by 49.5% in the 2nd quarter. Victory Capital Management Inc. now owns 2,287,033 shares of the industrial products company’s stock valued at $46,678,000 after acquiring an additional 757,427 shares during the last quarter. Rovida Advisors Inc. bought a new stake in shares of H&E Equipment Services in the 2nd quarter valued at approximately $8,129,000. Principal Financial Group Inc. bought a new stake in shares of H&E Equipment Services in the 1st quarter valued at approximately $9,072,000. Finally, Alliancebernstein L.P. increased its holdings in shares of H&E Equipment Services by 25.0% in the 2nd quarter. Alliancebernstein L.P. now owns 1,539,181 shares of the industrial products company’s stock valued at $31,415,000 after acquiring an additional 307,979 shares during the last quarter. Institutional investors and hedge funds own 75.18% of the company’s stock.
The firm’s 50 day moving average price is $28.06 and its 200 day moving average price is $22.97. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 29.30 and a beta of 2.65.
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About H&E Equipment Services
H&E Equipment Services, Inc is an integrated equipment services company. The Company is focused on heavy construction and industrial equipment. As of December 31, 2016, the Company rented, sold and provided parts and services support for four core categories of specialized equipment: hi-lift or aerial work platform equipment; cranes; earthmoving equipment, and industrial lift trucks.
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