HORSEHEAD HOLDING CORP. (NASDAQ:ZINC) shares are down huge this morning, apparently because the company missed a $1.8 million coupon payment that was due at the beginning of this month. The company is now operating under a grace period according to Bloomberg (via streetinsider).
While this might seem horrible on the surface, this doesn’t by any means mean that the company is facing major problems. We will have to wait and hear the reasoning from HORSEHEAD HOLDING CORP. (NASDAQ:ZINC) themselves.
According to Bloomberg, HORSEHEAD HOLDING CORP. (NASDAQ:ZINC) has appointed Lazard as its restructuring adviser.
The stock is down 50.72% or $0.7 following the news, hitting $0.68 per share. About 7.58 million shares traded hands or 430.07% up from the average. ZINC has declined 88.72% since June 9, 2015 and is downtrending. It has underperformed the S&P500 by 81.23%.
From a total of 2 analysts covering Horsehead Holding (NASDAQ:ZINC) stock, 1 rate it a “Buy”, 0 a “Sell”, and 1 a “Hold”. This means that 50% of the ratings are positive. Horsehead Holding was the topic of 2 analyst reports since September 18, 2015 according to the firm StockzIntelligence Inc. Oppenheimer downgraded shares on October 2 to a “Perform” rating.
The institutional sentiment decreased to 1 in Q2 2015. It’s down 0.17, from 1.17 in 2015Q2. The ratio fall, as 34 funds sold all their HORSEHEAD HOLDING CORP. shares they owned while 38 reduced their positions. 23 funds bought stakes while 49 increased their total positions. Institutions now own 54.62 million shares which is 1.53% more than the previous share count of 53.80 million in 2015Q2.
Dalal Street Llc holds 5.11% of its total portfolio in HORSEHEAD HOLDING CORP., equating to 6.33 million shares. Greywolf Capital Management Lp owns 5.04 million shares representing 2.51% of their total US portfolio. Moreover, Royal Capital Management Llc has 1.22% of their total portfolio invested in the company, equating to 150,000 shares. The Virginia-based Motley Fool Asset Management Llc has a total of 0.54% of their portfolio invested in the stock. Hunter Associates Inc., a Pennsylvania-based fund reported 258,175 shares owned.
Since July 22, 2015, the stock had 6 buys, and 0 sales for a total of $15.11 million in net activity. Scherich Robert D bought 10,000 shares worth $75,350. Dalal Street – Llc bought 161,549 shares worth $1.25 million.
Horsehead Holding Corp. is a producer of zinc and nickel products sold primarily to clients throughout the United States of America and Canada. The company has a market cap of $39.40 million. The Firm is also a recycler of electric arc furnace dust in the United States and a recycler of hazardous and non-hazardous waste for the specialty steel industry. It currently has negative earnings. It also provides short-line railroad service for the movement of materials for both the Company and outside customers.