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HC2 Holdings, Inc. (HCHC)

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Previous Close3.7200
Open3.7600
Bid3.7100 x 800
Ask3.7300 x 800
Day's Range3.6800 - 3.7500
52 Week Range2.0600 - 4.7500
Volume174,447
Avg. Volume564,874
Market Cap287.055M
Beta (5Y Monthly)2.34
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateAug 28, 2013
1y Target EstN/A
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  • HC2 Holdings Portfolio Company R2 Technologies Disrupts the Aesthetics Industry with Launch of Its Groundbreaking Glacial Rx™ Treatment
    GlobeNewswire

    HC2 Holdings Portfolio Company R2 Technologies Disrupts the Aesthetics Industry with Launch of Its Groundbreaking Glacial Rx™ Treatment

    The first & only treatment powered by cooling technology proven to gently remove age spotsNEW YORK, April 07, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) today announced that its portfolio company R2 Technologies Inc. (“R2”) the leader in CryoAesthetic™ medical devices, launched Glacial Rx™, the first revolutionary in-office CryoAesthetic™ age spot removal treatment, FDA-cleared to remove benign lesions and temporarily reduce pain, swelling and inflammation. R2 is a privately held portfolio company within HC2’s Pansend Life Sciences (“Pansend”) segment, which is one of HC2’s core businesses. Pansend is focused on the development of cutting-edge healthcare technologies and products and has a proven track record for innovation and value creation. Developed by the pioneers of CoolSculpting and Fraxel, Glacial Rx is the first and only technology that uses Cryomodulation™ to improve skin appearance and freeze melanin at the source. The treatment harnesses the power of cold, using patented cooling technology, to suppress melanin production and remove unwanted dark spots. It also brightens, soothes, and renews skin for peak results and no downtime. “R2’s innovative technologies have potential for robust value creation, and the commercial launch of Glacial Rx is a key milestone for our life sciences business, which we believe will help drive strong results for HC2 and our shareholders,” said Avie Glazer, Chairman of HC2. “I am excited to partner with Glacial Rx to be among the first to offer this novel treatment in my practice,” says Board Certified Dermatologist Dr. Gregory Nikolaidis. “I believe it will be a game-changer in the category of cryoaesthetics, offering the opportunity to treat new patients who are looking for a comfortable solution to remove benign lesions.” The Glacial Rx System is an FDA Class II Device administered by trained healthcare professionals. Effective on most skin types, Glacial Rx delivers the best possible outcomes to remove age spots without the contraindications, risks, side effects or limitations associated with heat modalities. In partnership with one of the world’s fastest growing cosmeceutical skincare brands, Allies of Skin, Glacial Rx offers a curated topical regimen made with optimal active ingredient concentrations that can be provided alongside the treatment at the healthcare professionals’ discretion. The treatment consists of: Cool: The cold plate is applied to a spot for 15-20 seconds; no topical anesthetics or numbing agents needed.Calm: The cooling handpiece is gently moved across the face to reduce redness and puffiness, clearing the way for skin to better absorb potent topicals.Protect: Serums containing protective antioxidants and brightening agents can be applied, shielding the skin from environmental aggressors. Post-treatment take-home topical offerings, formulated with skin-beneficial plant derived actives, aid in skin recovery, accelerate skin’s desquamation process and re-epithelialization, and dramatically boost antioxidant activity to fight free radical damage. “It took us a long time to ensure that we were creating a best-in-class treatment, giving unparalleled results and superior experiences to our patients, and we are thrilled to finally bring this matchless innovation to market,” says Tim Holt, R2 Chief Executive Officer. According to a recent clinical study, 93% of spots improved at 2 months1; and another showed that 90% of patients said their skin was rejuvenated, brighter or more even at 1 month.2 Launching this month in dermatology offices and med spas nationwide, Glacial Rx was named among ‘2021 Launches Doctors are Buzzing About’ by RealSelf, the leading and most trusted source to educate on cosmetic procedures. R2 is continuing to facilitate Glacial Rx system orders for practices to offer the treatment. Learn more about R2 Technologies and Glacial Rx at glacialskin.com and follow the company on LinkedIn. About HC2HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of innovative assets primarily in Infrastructure, Life Sciences and Spectrum. HC2 is headquartered in New York, New York, and through its subsidiaries employs 2,864 people. About Pansend Life SciencesPansend Life Sciences, LLC is the life sciences subsidiary of HC2 Holdings, Inc., focused on the development of innovative healthcare technologies and products. Pansend’s portfolio companies include R2 Technologies, which is developing medical devices for the treatment of aesthetic and medical skin conditions and has received FDA approval for its initial device; MediBeacon, whose proprietary platform technology is the foundation of its development of a non-invasive real-time monitoring system for the evaluation of kidney function; Triple Ring, a leading edge research, engineering and development firm which specializes in regulated medical devices, in vitro diagnostics & life sciences tools as well as imaging, and industrial applications; and Genovel Orthopedics, which is developing novel partial and total knee replacements for the treatment of osteoarthritis of the knee. In 2018, Pansend’s portfolio company BeneVir was acquired by Janssen Biotech, Inc. (Johnson & Johnson) for up to $1.04 billion. About R2 TechnologiesHeadquartered in Silicon Valley, R2 Technologies is a world leader in CryoAesthetic™ medical devices. In 2014, Pansend Life Sciences, LLC and Blossom Innovations, LLC founded R2 Technologies and licensed exclusive intellectual property from Massachusetts General Hospital. In 2019, R2 brought on another strategic partner, Huadong Medicine Co., Ltd. In close collaboration with these partners and the brand’s scientific founders and world-famous luminaries in aesthetic medicine, Drs. Rox Anderson, Dieter Manstein, and Henry Chan, R2 focuses on the development, engineering, clinical research, and commercialization of groundbreaking technologies for aesthetic providers and consumers. Since inception, R2 has raised $62 million in financing led by a world-class team of experts within the aesthetics industry and was named winner of the 2nd Annual Aesthetics Tech Summit LaunchPad SBDC, hosted by Octane, a company committed to making resources, capital and mentorship available to tech and medtech startups. Cautionary Statement Regarding Forward-Looking StatementsSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements regarding building shareholder value and future cash flow and invested assets. All forward-looking statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Contacts For HC2: Media ContactReevemarkPaul Caminiti/Pam Greene/Luc HerbowyHC2@reevemark.com(212) 433-4600 Investor Contact: FNK IRMatt Chesler, CFAir@hc2.com(212) 235-2691 For R2 Technologies: Linsey Tilbor Rubin | Kathy Papeltilbor@rellmc.com | kathy@papepr.com 1 Evaluation of the Dermal Cooling System for the Enhanced Treatment of Benign Pigmented Lesions and Common Skin Conditions - Interim Analysis - Nov 2020 - TD-09932 Evaluation of a New Dermal Cryotherapy System for the Treatment of Benign Pigmented Lesions - Interim report - May 2018 - TD-0992

  • HC2 Holdings Enters into Definitive Agreement to Sell Continental Insurance Business to an Affiliate of Michael Gorzynski for $90 Million
    GlobeNewswire

    HC2 Holdings Enters into Definitive Agreement to Sell Continental Insurance Business to an Affiliate of Michael Gorzynski for $90 Million

    Transaction Underscores HC2’s Commitment to Streamlining Portfolio and Enhancing Capital StructureNEW YORK, March 29, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC) announced today that it has entered into a definitive agreement to sell its insurance segment, comprised of Continental Insurance Group Ltd. and its wholly-owned subsidiaries, Continental General Insurance Company and Continental LTC Inc. (collectively, “Continental”), to Continental General Holdings LLC (the “Buyer”), an entity controlled by Michael Gorzynski. Mr. Gorzynski, a director of the Company and beneficial owner of approximately 6.6% of the Company’s outstanding common stock, is the managing member of MG Capital Management, Ltd. and has also served as executive chairman of Continental since October 2020. The total transaction value of approximately $90 million consists of a combination of $65 million in cash plus securities, including certain assets of Continental. The Company previously announced receipt of a non-binding indication of interest from the Buyer on December 10, 2020. HC2 intends to use the transaction proceeds for general corporate purposes. “The sale of Continental will allow HC2 to focus on its three core operating segments – Infrastructure, Life Sciences and Spectrum,” said Avie Glazer, Chairman of HC2. “These are innovative businesses that reflect today’s new economy.” “This transaction can help HC2 achieve key strategic objectives pertaining to portfolio optimization and balance sheet strength, while enabling Continental to accelerate the execution of its strategy,” added Mr. Gorzynski. “Continental is focused on developing an industry-leading servicing platform, diversifying into new lines of business and further capitalizing on market consolidation. I look forward to continuing to help build a Continental that is a valued true partner to all policyholders and stakeholders.” “We are pleased to have reached an agreement with Mr. Gorzynski and look forward to consummating this transaction subject to receipt of required regulatory approvals,” added Wayne Barr, Jr., HC2’s President and CEO. “This represents a further opportunity to enhance our capital structure as we continue the strong momentum of change that has occurred at HC2 over the past several months.” The transaction, which was unanimously approved by the Board of Directors of HC2, excluding Mr. Gorzynski and Kenneth Courtis (MG Capital’s other designee on the HC2 Board), who recused themselves from the deliberations, is subject to receipt of required regulatory approvals (including review and approval by the Texas Department of Insurance), receipt of other required consents and approvals and customary closing conditions. The transaction is expected to close in the third quarter of 2021. For further information regarding the terms and conditions of the agreement, please refer to the transaction agreement filed on Form 8-K with the Securities and Exchange Commission. Duff & Phelps is acting as financial advisor to HC2 in connection with the transaction and issued a fairness opinion to the Board of Directors of HC2 in connection with this transaction. Skadden, Arps, Slate, Meagher & Flom LLP is serving as HC2’s legal advisor. Olshan Frome Wolosky LLP is serving as legal advisor to Michael Gorzynski. About HC2 HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of assets primarily in Infrastructure, Life Sciences and Spectrum. HC2 is headquartered in New York, New York, and through its subsidiaries employs 2,864 people. About Continental Based in Austin, Texas, Continental strives to assist customers with managing the financial risks and challenges that come as they age. Our family of insurance companies and strategic partners provide administrative services to approximately 125,000 Long-Term Care, Life, Annuity and Supplemental Health customers. We are dedicated to upholding the commitments we have made to provide excellent service to all our customers and serve the needs of our claimants and their families during difficult times. Learn more at www.continental-ins.com. About MG Capital Management Based in New York City, MG Capital is a private investment firm that specializes in complex, value-oriented investments. Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements regarding the proposed sale of Continental by the Company and our expectations regarding building shareholder value, as well as those that may be identified by words such as “will,” “intend,” “expect,” “anticipate,” “should,” “could” and similar expressions, all of which involve risks, assumptions and uncertainties, many of which are outside of the Company’s control, and are subject to change. There can be no assurance that the Continental sale will be completed or the timing thereof. Such factors include, but are not limited to, the occurrence of any event, change or circumstance that could give rise to the termination of the definitive agreement with the Buyer and the inability to complete the proposed sale due to the failure to satisfy the conditions to the closing of the proposed sale, including that a regulatory authority may prohibit, delay or refuse to grant approval for the consummation of the proposed sale. Management cautions that the foregoing list of factors is not exhaustive. All forward-looking statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. HC2’s actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent statements and reports filed with the Securities and Exchange Commission (“SEC”), including in our reports on Forms 10-K, 10-Q, and 8-K. These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Media Contact: Reevemark Paul Caminiti / Pam Greene / Luc Herbowy (212) 433-4600 HC2@reevemark.com Investor Contact: FNK IR Matt Chesler, CFA ir@hc2.com (212) 235-2691 For MG Capital Management Media Inquiries: Profile Greg Marose / Charlotte Kiaie (347) 343-2999 gmarose@profileadvisors.com / ckiaie@profileadvisors.com

  • HC2 Holdings Portfolio Company DBM Global to Acquire Banker Steel Family of Companies, Leading Providers of Fabricated Structural Steel and Erection Services
    GlobeNewswire

    HC2 Holdings Portfolio Company DBM Global to Acquire Banker Steel Family of Companies, Leading Providers of Fabricated Structural Steel and Erection Services

    Acquisition Will Expand HC2’s Leading Steel Infrastructure Business with Enhanced East Coast and Southeast PresenceNEW YORK, March 15, 2021 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC) announced today that its core infrastructure business DBM Global (“DBM”) has reached an agreement to acquire a 100% interest in Banker Steel Holdco LLC (“Banker Steel”). The Banker Steel family of companies, in the portfolio of Atlas Holdings LLC (“Atlas”), is based in Lynchburg, Virginia and provides fabricated structural steel and erection services primarily for the East Coast and Southeast commercial and industrial construction market. Banker Steel consists of six operating companies: Banker Steel Co., LLC, NYC Constructors, LLC; Memco LLC; Derr & Isbell Construction LLC; Innovative Detailing and Engineering Solutions; and Lynchburg Freight and Specialty LLC. The transaction is subject to a financing condition and other customary closing conditions and adjustments, and is expected to close during the second quarter of 2021. "DBM is one of the leading steel fabrication and erection companies in the US. This transaction, which is expected to substantially increase DBM’s revenue and EBITDA, expands DBM’s footprint nationwide and further strengthens its position as a preeminent company in its field,” said Avie Glazer, Chairman of HC2. “Infrastructure spending in America is poised for substantial growth. The acquisition of Banker Steel greatly enhances the ability of DBM to take increased advantage of substantial infrastructure and commercial opportunities at a critical time,” added Wayne Barr, Jr., Chief Executive Officer of HC2. “The addition of the Banker Steel family of companies will add significant scale and breadth to our operations, enabling us to provide fabricated structural steel for the entire East Coast construction market, and position us to deliver strong, accelerated growth,” said Rustin Roach, President and CEO of DBM Global. “Banker Steel also brings a highly talented, dedicated group of employees, who have overseen state-of-the-art design-build projects such as the Washington Nationals Park and the Barclays Center, and we look forward to welcoming them to the DBM team.” “This is a terrific opportunity for Banker Steel to expand our business alongside DBM Global’s industry leading suite of steel construction companies,” said Don Banker, CEO of Banker Steel. “DBM’s values and objectives closely align with our own, and we look forward to joining forces to provide modern, innovative solutions to customers nationwide.” About HC2 HC2 Holdings, Inc. (NYSE: HCHC) has a class-leading portfolio of assets primarily in Infrastructure, Life Sciences, Spectrum and Insurance. HC2 is headquartered in New York, New York and through its subsidiaries employs more than 2,800 people. About DBM Global DBM Global is focused on delivering world class, sustainable value to its clients through a highly collaborative portfolio of companies which provide better designs, more efficient construction and superior asset management solutions. DBM Global offers integrated steel construction services from a single source and professional services which include design-assist, design-build, engineering, detailing, BIM co-ordination, steel modeling/detailing, fabrication, rebar detailing, advanced field erection, project management, and state-of-the-art steel management systems. Major market segments include commercial, healthcare, convention centers, stadiums, gaming and hospitality, mixed use and retail, industrial, public works, bridges, transportation, and international projects. The Company, which is headquartered in Phoenix, Arizona, has operations in United States, Australia, Canada, India, New Zealand, Philippines, Singapore, Thailand and the United Kingdom. About Banker Steel Company Based in Lynchburg, Virginia, Banker Steel provides fabricated structural steel and erection services for the east coast commercial construction market. The company also provides design-assist services and has had the privilege of fabricating steel for design-build projects such as One Vanderbilt and the Jacob K. Javits Convention Center Expansion, both in New York City, the award-winning Washington Nationals Park in Washington, D.C. and the Barclays Center in Brooklyn, New York. The Banker Steel Family of Companies (www.bankersteel.com) consists of 6 operating companies and approximately 1,500 employees with offices or plants in Florida, Georgia, New Jersey, New York, Texas, Virginia, and Ontario, Canada. Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements regarding the purchase of Banker Steel by DBM Global and our expectations regarding building shareholder value, as well as those that may be identified by words such as “will,” “intend,” “expect,” “anticipate,” “should,” “could” and similar expressions, all of which involve risks, assumptions and uncertainties, many of which are outside of the Company’s control, and are subject to change. There can be no assurance that the Banker Steel acquisition will be completed as proposed or at all. All forward-looking statements speak only as of the date made, and unless legally required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. HC2’s actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent statements and reports filed with the Securities and Exchange Commission (“SEC”), including in our reports on Forms 10-K, 10-Q, and 8-K. These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Media Contact:ReevemarkPaul Caminiti/Pam Greene/Luc HerbowyHC2@reevemark.com(212) 433-4600 Investor Contact: FNK IRMatt Chesler, CFAir@hc2.com(212) 235-2691