HireQuest (NASDAQ:HQI) Trading Down 6.2% - Here's What Happened

Key Points

• Shares fell 6.2% to $10.50 on Tuesday, leaving HireQuest with a market cap of about $148.1 million; analysts carry a consensus rating of “Moderate Buy” with a $14.00 consensus target price.
• HireQuest announced a quarterly dividend of $0.06 per share (2.3% yield) and the board authorized a $20.0 million stock repurchase plan that could buy up to 18.4% of outstanding shares.
• CEO Richard Hermanns bought 18,854 shares at an average $9.13, increasing insider ownership to about 43.5%, signaling management confidence in the company.

HireQuest, Inc. (NASDAQ:HQI - Get Free Report)'s stock price traded down 6.2% during trading on Tuesday . The stock traded as low as $10.50 and last traded at $10.50. 13,955 shares changed hands during trading, a decline of 2% from the average session volume of 14,308 shares. The stock had previously closed at $11.20.

Analyst Ratings Changes

A number of research firms have weighed in on HQI. DA Davidson set a $15.00 price target on HireQuest in a report on Tuesday, December 2nd. Barrington Research reissued an "outperform" rating and set a $13.00 target price on shares of HireQuest in a research report on Thursday, January 29th. Weiss Ratings upgraded shares of HireQuest from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, January 12th. Finally, Wall Street Zen raised shares of HireQuest to a "hold" rating in a report on Saturday, January 17th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, HireQuest currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.

HireQuest Stock Down 6.2%

The firm has a market cap of $148.05 million, a price-to-earnings ratio of 21.00 and a beta of 1.03. The company has a 50 day moving average of $11.08 and a 200 day moving average of $9.79.

HireQuest Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, March 2nd. HireQuest's dividend payout ratio is 48.00%.

HireQuest announced that its board has initiated a stock repurchase plan on Wednesday, December 17th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 18.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Richard Hermanns bought 18,854 shares of the company's stock in a transaction dated Monday, December 22nd. The stock was bought at an average price of $9.13 per share, with a total value of $172,137.02. Following the transaction, the chief executive officer owned 2,941,157 shares of the company's stock, valued at approximately $26,852,763.41. This trade represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have acquired 28,980 shares of company stock worth $276,165. 43.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On HireQuest

A number of institutional investors have recently modified their holdings of the stock. State Street Corp lifted its position in shares of HireQuest by 1.9% during the fourth quarter. State Street Corp now owns 76,866 shares of the company's stock worth $808,000 after purchasing an additional 1,451 shares during the last quarter. Wells Fargo & Company MN raised its stake in HireQuest by 47.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,333 shares of the company's stock valued at $67,000 after buying an additional 2,031 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in HireQuest during the fourth quarter valued at approximately $112,000. Deutsche Bank AG lifted its holdings in HireQuest by 158.0% during the 4th quarter. Deutsche Bank AG now owns 10,945 shares of the company's stock worth $115,000 after buying an additional 6,702 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of HireQuest by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 293,013 shares of the company's stock worth $2,819,000 after acquiring an additional 12,246 shares in the last quarter. Institutional investors and hedge funds own 12.00% of the company's stock.

HireQuest Company Profile

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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