California State Teachers Retirement System Acquires 122 Shares of Herc Holdings Inc. $HRI

Key Points

• Institutional ownership remains high: California State Teachers Retirement System increased its Herc Holdings stake by 122 shares to 36,754 shares, while hedge funds and other institutions collectively own 93.11% of the stock.
• Analyst sentiment is favorable: Several firms raised their price targets, giving Herc a consensus “Moderate Buy” rating and an average target price of $184.43.
• Quarterly results exceeded expectations: Herc reported earnings of $1.43 per share versus the $0.76 estimate and revenue of $1.20 billion, while declaring a $0.70 quarterly dividend, equivalent to a 2.0% yield.

California State Teachers Retirement System increased its stake in Herc Holdings Inc. (NYSE:HRI - Free Report) by 0.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,754 shares of the transportation company's stock after buying an additional 122 shares during the period. California State Teachers Retirement System owned 0.11% of Herc worth $5,268,318 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Greenland Capital Management LP purchased a new stake in shares of Herc in the 2nd quarter valued at $1,147,000. Peregrine Capital Management LLC purchased a new stake in Herc during the first quarter worth $6,234,000. Bank of America Corp DE grew its holdings in Herc by 147.8% in the first quarter. Bank of America Corp DE now owns 235,320 shares of the transportation company's stock valued at $23,426,000 after purchasing an additional 140,355 shares during the period. Norges Bank acquired a new stake in shares of Herc during the fourth quarter valued at about $287,269,000. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Herc in the 2nd quarter worth about $21,070,000. 93.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on HRI shares. KeyCorp boosted their price target on 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. raised shares of Herc from a "neutral" rating to an "overweight" rating and increased their target price for the company from $165.00 to $175.00 in a research report on Thursday, September 10th. Wells Fargo & Company boosted their target price on shares of Herc from $176.00 to $218.00 and gave the company an "overweight" rating in a report on Monday, August 17th. Citigroup raised their target price on Herc from $155.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, BNP Paribas Exane lifted their target price on Herc from $160.00 to $165.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.43.

Herc Trading Down 1.1%

Shares of NYSE HRI traded down $1.59 during midday trading on Tuesday, hitting $138.83. The stock had a trading volume of 386,280 shares, compared to its average volume of 571,130. The company has a fifty day moving average price of $153.98 and a 200 day moving average price of $135.74. Herc Holdings Inc. has a 1-year low of $88.45 and a 1-year high of $188.35. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 94.47, a PEG ratio of 19.24 and a beta of 1.86. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 4.22.

Herc (NYSE:HRI - Get Free Report) last released its earnings results on Tuesday, July 28th. The transportation company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.67. Herc had a return on equity of 10.33% and a net margin of 1.01%.The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the company earned $1.87 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts predict that Herc Holdings Inc. will post 7.05 earnings per share for the current year.

Herc Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a $0.70 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $2.80 annualized dividend and a dividend yield of 2.0%. Herc's dividend payout ratio is presently 190.48%.

About Herc

Herc Holdings Inc, operating under the Herc Rentals brand, is an equipment rental supplier serving construction, industrial, government, commercial, and other customers. The company provides short- and long-term rentals of equipment used for construction, maintenance, infrastructure, remediation, and event-related projects.

Its rental fleet includes aerial work platforms, earthmoving equipment, material-handling equipment, trucks and trailers, power-generation and climate-control systems, pumps, trench-safety equipment, tools, and general construction equipment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.