The Hertz Global Holdings Inc. (HTZ) Bonds Drop 1.3% During Trading

The Hertz Global Holdings Inc. (HTZ) Bonds Drop 1.3% During Trading

An issue of Hertz Global Holdings Inc. (NYSE:HTZ) debt fell 1.3% against its face value during trading on Thursday. The high-yield issue of debt has a 5.875% coupon and will mature on October 15, 2020. The bonds in the issue are now trading at $97.25 and were trading at $98.88 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

A number of brokerages recently commented on HTZ. Barclays PLC began coverage on Hertz Global Holdings in a research report on Tuesday, September 27th. They issued an “equal weight” rating and a $52.00 price objective for the company. Zacks Investment Research upgraded Hertz Global Holdings from a “sell” rating to a “hold” rating in a research report on Monday, September 26th. MKM Partners set a $66.00 price objective on Hertz Global Holdings and gave the stock a “buy” rating in a research report on Wednesday, September 28th. Northcoast Research lowered Hertz Global Holdings from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 8th. Finally, Deutsche Bank AG lowered Hertz Global Holdings from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $59.00 to $24.00 in a research report on Tuesday, November 8th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Hertz Global Holdings currently has an average rating of “Hold” and a consensus price target of $44.62.

Hertz Global Holdings Inc. (NYSE:HTZ) traded down 1.42% on Thursday, hitting $20.76. The company had a trading volume of 2,366,727 shares. The stock has a 50 day moving average of $22.98 and a 200-day moving average of $37.23. Hertz Global Holdings Inc. has a one year low of $17.20 and a one year high of $53.14. The stock has a market capitalization of $1.72 billion and a PE ratio of 28.02.

Hertz Global Holdings (NYSE:HTZ) last released its earnings results on Monday, November 7th. The company reported $1.58 EPS for the quarter, missing the consensus estimate of $2.73 by $1.15. The company earned $2.50 billion during the quarter, compared to analyst estimates of $2.60 billion. During the same period in the prior year, the company earned $0.49 earnings per share. Hertz Global Holdings’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities analysts anticipate that Hertz Global Holdings Inc. will post $0.74 EPS for the current year.

In other news, major shareholder Carl C. Icahn purchased 1,244,831 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were acquired at an average price of $28.10 per share, for a total transaction of $34,979,751.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Carl C. Icahn purchased 15,080,442 shares of the business’s stock in a transaction on Tuesday, November 8th. The stock was purchased at an average price of $23.43 per share, for a total transaction of $353,334,756.06. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 16,349,593 shares of company stock worth $388,994,965. Corporate insiders own 0.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its position in shares of Hertz Global Holdings by 5.5% in the second quarter. Alliancebernstein L.P. now owns 316,885 shares of the company’s stock valued at $3,508,000 after buying an additional 16,623 shares during the last quarter. Sasco Capital Inc. CT raised its position in shares of Hertz Global Holdings by 9.1% in the second quarter. Sasco Capital Inc. CT now owns 11,752,689 shares of the company’s stock valued at $130,102,000 after buying an additional 978,144 shares during the last quarter. Atlantic Trust Group LLC raised its position in shares of Hertz Global Holdings by 44.4% in the second quarter. Atlantic Trust Group LLC now owns 234,705 shares of the company’s stock valued at $2,598,000 after buying an additional 72,160 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Hertz Global Holdings by 50.9% in the second quarter. Canada Pension Plan Investment Board now owns 869,342 shares of the company’s stock valued at $9,624,000 after buying an additional 293,200 shares during the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Hertz Global Holdings during the second quarter valued at about $501,000. Institutional investors and hedge funds own 98.58% of the company’s stock.

Hertz Global Holdings Company Profile

Herc Holdings Inc, formerly Hertz Global Holdings, Inc, is a holding company. The Company is engaged principally in the business of renting and leasing of cars through its Hertz, Dollar, Thrifty and Firefly brands, and equipment through its Hertz Equipment Rental brand. It operates through four segments: U.S.

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