Houghton Mifflin Harcourt (HMHC) Stock Price Up 22.6% After Better-Than-Expected Earnings

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Houghton Mifflin Harcourt Co (NASDAQ:HMHC) rose 22.6% on Thursday following a stronger than expected earnings report. The stock traded as high as $9.23 and last traded at $8.47. Approximately 2,337,885 shares traded hands during trading, an increase of 246% from the average daily volume of 675,992 shares. The stock had previously closed at $6.91.

The business services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.12. Houghton Mifflin Harcourt had a negative return on equity of 14.89% and a negative net margin of 4.35%. The business had revenue of $536.30 million for the quarter, compared to the consensus estimate of $507.37 million. During the same period in the prior year, the business earned $0.73 earnings per share. The business’s revenue was up 3.9% on a year-over-year basis.

Several equities analysts recently weighed in on the company. BidaskClub upgraded Houghton Mifflin Harcourt from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. Morgan Stanley reduced their target price on Houghton Mifflin Harcourt from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, August 3rd. BMO Capital Markets upgraded Houghton Mifflin Harcourt from a “market perform” rating to an “outperform” rating and set a $8.00 target price on the stock in a research report on Tuesday, October 9th. Finally, Zacks Investment Research upgraded Houghton Mifflin Harcourt from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $8.42.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Houghton Mifflin Harcourt by 0.3% during the third quarter. BlackRock Inc. now owns 7,021,280 shares of the business services provider’s stock worth $49,150,000 after buying an additional 19,608 shares during the period. Alliancebernstein L.P. increased its stake in Houghton Mifflin Harcourt by 2.6% during the third quarter. Alliancebernstein L.P. now owns 6,321,018 shares of the business services provider’s stock worth $44,247,000 after acquiring an additional 158,830 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Houghton Mifflin Harcourt by 8.9% during the second quarter. Dimensional Fund Advisors LP now owns 5,112,078 shares of the business services provider’s stock worth $39,109,000 after acquiring an additional 419,162 shares during the last quarter. Wells Fargo & Company MN increased its stake in Houghton Mifflin Harcourt by 3.4% during the second quarter. Wells Fargo & Company MN now owns 3,082,852 shares of the business services provider’s stock worth $23,584,000 after acquiring an additional 101,892 shares during the last quarter. Finally, Lapides Asset Management LLC increased its stake in Houghton Mifflin Harcourt by 19.9% during the third quarter. Lapides Asset Management LLC now owns 2,346,600 shares of the business services provider’s stock worth $16,426,000 after acquiring an additional 389,300 shares during the last quarter. Hedge funds and other institutional investors own 95.68% of the company’s stock.

The company has a market capitalization of $852.52 million, a P/E ratio of -6.66 and a beta of 0.46. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.05 and a quick ratio of 0.66.

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Houghton Mifflin Harcourt Company Profile (NASDAQ:HMHC)

Houghton Mifflin Harcourt Company, a learning company, provides content, services, and technology solutions for educational institutions and consumers 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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