BlackRock Inc. Invests $3.38 Million in HireQuest, Inc. $HQI

Key Points

• BlackRock purchased 269,196 HireQuest shares worth approximately $3.38 million, giving it a 1.94% stake. Other institutional investors also increased their holdings, with institutions collectively owning 12% of the company.
• HireQuest reported quarterly EPS of $0.23, exceeding the $0.13 analyst consensus, while revenue of $8.1 million surpassed estimates of $7.1 million.
• The company declared a quarterly dividend of $0.06 per share, equivalent to $0.24 annually and a 1.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $19, compared with the stock’s reported $16.14 opening price.

BlackRock Inc. purchased a new position in shares of HireQuest, Inc. (NASDAQ:HQI - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 269,196 shares of the company's stock, valued at approximately $3,381,000. BlackRock Inc. owned 1.94% of HireQuest as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in HQI. Geode Capital Management LLC boosted its holdings in HireQuest by 4.3% during the second quarter. Geode Capital Management LLC now owns 139,141 shares of the company's stock worth $1,393,000 after buying an additional 5,685 shares in the last quarter. Russell Investments Group Ltd. grew its position in HireQuest by 67.8% during the second quarter. Russell Investments Group Ltd. now owns 26,303 shares of the company's stock worth $263,000 after buying an additional 10,627 shares during the period. Vanguard Group Inc. increased its holdings in HireQuest by 4.4% in the third quarter. Vanguard Group Inc. now owns 293,013 shares of the company's stock valued at $2,819,000 after buying an additional 12,246 shares in the last quarter. Deutsche Bank AG increased its holdings in HireQuest by 158.0% in the fourth quarter. Deutsche Bank AG now owns 10,945 shares of the company's stock valued at $115,000 after buying an additional 6,702 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of HireQuest during the 4th quarter valued at approximately $112,000. Hedge funds and other institutional investors own 12.00% of the company's stock.

HireQuest Price Performance

HQI stock opened at $16.14 on Friday. The company's 50 day simple moving average is $14.35 and its 200-day simple moving average is $12.52. The firm has a market capitalization of $224.35 million, a PE ratio of 28.32 and a beta of 1.14. HireQuest, Inc. has a 12 month low of $7.38 and a 12 month high of $19.01.

HireQuest (NASDAQ:HQI - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.10. The firm had revenue of $8.10 million for the quarter, compared to analyst estimates of $7.10 million. HireQuest had a return on equity of 16.35% and a net margin of 27.06%. As a group, sell-side analysts anticipate that HireQuest, Inc. will post 0.8 earnings per share for the current year.

HireQuest Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 1st. HireQuest's payout ratio is 42.11%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on HQI shares. Wall Street Zen upgraded HireQuest to a "buy" rating in a report on Saturday. Barrington Research set a $19.00 price objective on HireQuest in a report on Wednesday, August 12th. Weiss Ratings upgraded HireQuest from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 13th. Finally, DA Davidson upped their target price on HireQuest from $15.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, HireQuest presently has an average rating of "Moderate Buy" and an average price target of $19.00.

About HireQuest

HireQuest, Inc is a publicly traded holding company that provides equipment rental and workforce solutions across North America through two primary operating subsidiaries. Its Coast Equipment Rentals division offers a broad range of support equipment—such as pumps, trench safety systems, power and HVAC units, air compressors, light towers and generators—to the construction, industrial, municipal and environmental markets. Coast Equipment Rentals operates more than 135 branch locations in 36 U.S.

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