Bank of America Corp DE Has $23.43 Million Stake in Herc Holdings Inc. $HRI

Key Points

• Bank of America increased its Herc Holdings stake by 147.8% in the first quarter, owning 235,320 shares worth approximately $23.43 million, or 0.70% of the company. Institutional investors and hedge funds collectively own 93.11% of HRI.
• Herc reported quarterly earnings of $1.43 per share, beating estimates of $0.76, while revenue rose 20.2% year over year to $1.20 billion, above expectations.
• Analyst sentiment is broadly positive, with five Buy ratings and four Holds. The stock has a “Moderate Buy” consensus rating and an average price target of $183, while Wells Fargo raised its target to $218.

Bank of America Corp DE lifted its stake in Herc Holdings Inc. (NYSE:HRI - Free Report) by 147.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 235,320 shares of the transportation company's stock after purchasing an additional 140,355 shares during the quarter. Bank of America Corp DE owned 0.70% of Herc worth $23,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in HRI. Seven Six Capital Management LLC grew its holdings in shares of Herc by 43.0% during the 1st quarter. Seven Six Capital Management LLC now owns 32,575 shares of the transportation company's stock valued at $3,243,000 after acquiring an additional 9,800 shares in the last quarter. Amundi increased its position in Herc by 80.2% in the 1st quarter. Amundi now owns 6,433 shares of the transportation company's stock worth $640,000 after purchasing an additional 2,864 shares during the last quarter. California State Teachers Retirement System increased its position in Herc by 20.9% in the 1st quarter. California State Teachers Retirement System now owns 36,632 shares of the transportation company's stock worth $3,647,000 after purchasing an additional 6,330 shares during the last quarter. Readystate Asset Management LP purchased a new stake in shares of Herc during the 1st quarter worth about $4,288,000. Finally, Whitebox Advisors LLC raised its stake in shares of Herc by 45.6% during the 1st quarter. Whitebox Advisors LLC now owns 12,130 shares of the transportation company's stock worth $1,208,000 after purchasing an additional 3,800 shares in the last quarter. 93.11% of the stock is currently owned by institutional investors and hedge funds.

Herc Trading Down 0.3%

Herc stock opened at $172.92 on Tuesday. The company has a debt-to-equity ratio of 4.22, a quick ratio of 1.10 and a current ratio of 1.10. The business's 50-day simple moving average is $152.33 and its 200-day simple moving average is $137.31. The firm has a market capitalization of $5.78 billion, a PE ratio of 117.63, a PEG ratio of 24.09 and a beta of 1.86. Herc Holdings Inc. has a 52 week low of $88.45 and a 52 week high of $188.35.

Herc (NYSE:HRI - Get Free Report) last released its earnings results on Tuesday, July 28th. The transportation company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.67. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.16 billion. Herc had a return on equity of 10.33% and a net margin of 1.01%.The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $1.87 earnings per share. Equities research analysts forecast that Herc Holdings Inc. will post 6.93 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Weiss Ratings raised Herc from a "sell (d+)" rating to a "hold (c)" rating in a research note on Tuesday, July 28th. Wells Fargo & Company raised their price objective on shares of Herc from $176.00 to $218.00 and gave the company an "overweight" rating in a research report on Monday. KeyCorp lifted their target price on shares of Herc from $165.00 to $185.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of Herc from $140.00 to $165.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Finally, Zacks Research upgraded shares of Herc from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 9th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $183.00.

Herc Profile

Herc Holdings Inc NYSE: HRI operates as a leading equipment rental provider in North America, offering a wide range of machinery and support services to construction, industrial, government and event sectors. The company's fleet includes aerial work platforms, earthmoving equipment, material handling solutions, power generation units and specialty tools, enabling clients to scale their operations without the capital expense of ownership. In addition to basic machinery rentals, Herc provides value-added services such as equipment maintenance, on-site safety training and project consulting to help customers optimize productivity and maintain compliance with industry standards.

Founded as part of Hertz Global Holdings, the equipment rental business was spun off as an independent public company in early 2016.

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