Arrowstreet Capital Limited Partnership Acquires 1,152,176 Shares of Healthcare Services Group, Inc. $HCSG

Key Points

• Arrowstreet Capital increased its Healthcare Services Group stake by 454%, purchasing 1,152,176 additional shares to own 1,405,952 shares, or approximately 2.05% of HCSG valued at $26.08 million.
• Analysts maintain a positive outlook, with five Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $26.20.
• Healthcare Services Group reported quarterly EPS of $0.32, beating estimates of $0.22, while revenue of $470.81 million was slightly below expectations; shares opened at $23.43 after declining 1.3%.

Arrowstreet Capital Limited Partnership grew its holdings in Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) by 454.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,405,952 shares of the business services provider's stock after buying an additional 1,152,176 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 2.05% of Healthcare Services Group worth $26,080,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Ameriprise Financial Inc. raised its position in Healthcare Services Group by 80.2% during the third quarter. Ameriprise Financial Inc. now owns 1,981,840 shares of the business services provider's stock valued at $33,354,000 after purchasing an additional 882,213 shares during the period. Qube Research & Technologies Ltd boosted its holdings in shares of Healthcare Services Group by 1,116.3% in the 2nd quarter. Qube Research & Technologies Ltd now owns 448,806 shares of the business services provider's stock worth $6,746,000 after purchasing an additional 411,908 shares during the period. Towle & Co. bought a new position in shares of Healthcare Services Group during the 4th quarter valued at approximately $7,396,000. Cubist Systematic Strategies LLC purchased a new position in Healthcare Services Group during the second quarter worth $4,653,000. Finally, Kennedy Capital Management LLC increased its position in Healthcare Services Group by 69.7% during the third quarter. Kennedy Capital Management LLC now owns 725,390 shares of the business services provider's stock valued at $12,208,000 after acquiring an additional 297,976 shares during the last quarter. 97.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HCSG has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on shares of Healthcare Services Group from $22.00 to $24.00 and gave the stock a "sector perform" rating in a report on Thursday, April 23rd. UBS Group upped their price target on shares of Healthcare Services Group from $27.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. BMO Capital Markets increased their price objective on shares of Healthcare Services Group from $22.00 to $24.00 and gave the stock a "market perform" rating in a research report on Thursday, April 23rd. Benchmark upped their target price on Healthcare Services Group from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings upgraded Healthcare Services Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.20.

Healthcare Services Group Trading Down 1.3%

Shares of HCSG stock opened at $23.43 on Thursday. The stock has a fifty day simple moving average of $22.76 and a two-hundred day simple moving average of $21.04. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 13.62 and a beta of 0.78. Healthcare Services Group, Inc. has a twelve month low of $12.84 and a twelve month high of $25.75.

Healthcare Services Group (NASDAQ:HCSG - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The business services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.10. The company had revenue of $470.81 million for the quarter, compared to analysts' expectations of $471.22 million. Healthcare Services Group had a net margin of 6.59% and a return on equity of 18.97%. During the same period in the prior year, the business earned ($0.44) EPS. Research analysts predict that Healthcare Services Group, Inc. will post 1.01 EPS for the current fiscal year.

About Healthcare Services Group

Healthcare Services Group, Inc NASDAQ: HCSG is a leading provider of support services to healthcare facilities across the United States. The company specializes in environmental services, including housekeeping and sanitation, as well as linen and laundry management. In addition, Healthcare Services Group offers dietary and nutrition services, catering to hospitals, skilled nursing facilities, assisted living communities and other long-term care providers.

Founded as a family-owned business in the late 1970s, the company completed its initial public offering in 1997.

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