Herc Holdings Inc. $HRI Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Herc Holdings stake by 65.7% in the third quarter, adding 126,263 shares to bring its holdings to 318,458 shares, worth about $42 million. Other institutional investors also increased positions; institutions collectively own 93.11% of the company.
• Herc reported quarterly EPS of $3.91, beating the $2.92 consensus estimate, while revenue reached $1.36 billion, up 4.6% year over year. Analysts’ average rating is “Moderate Buy,” with an average price target of $201.57.
• Herc shares opened at $174.16, and the company’s quarterly dividend equates to $2.80 annually per share, a yield of about 1.6%.

Allspring Global Investments Holdings LLC raised its position in Herc Holdings Inc. (NYSE:HRI - Free Report) by 65.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 318,458 shares of the transportation company's stock after acquiring an additional 126,263 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.95% of Herc worth $41,992,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of HRI. Pictet Asset Management Holding SA boosted its position in shares of Herc by 30.3% in the 3rd quarter. Pictet Asset Management Holding SA now owns 120,039 shares of the transportation company's stock worth $14,981,000 after purchasing an additional 27,889 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in Herc during the 3rd quarter valued at $861,000. ProShare Advisors LLC grew its holdings in shares of Herc by 3.9% in the third quarter. ProShare Advisors LLC now owns 4,567 shares of the transportation company's stock worth $570,000 after purchasing an additional 173 shares during the last quarter. State of Wyoming raised its holdings in shares of Herc by 63.4% in the third quarter. State of Wyoming now owns 469 shares of the transportation company's stock valued at $59,000 after acquiring an additional 182 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in Herc by 73.8% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 25,200 shares of the transportation company's stock valued at $3,145,000 after acquiring an additional 10,700 shares in the last quarter. Hedge funds and other institutional investors own 93.11% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HRI. JPMorgan Chase & Co. boosted their price target on Herc from $165.00 to $230.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. Zacks Research upgraded Herc from a "hold" rating to a "strong-buy" rating in a report on Monday, September 14th. Weiss Ratings restated a "hold (c)" rating on shares of Herc in a research report on Monday, October 26th. Citigroup increased their price objective on shares of Herc from $150.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, October 28th. Finally, KeyCorp boosted their price objective on Herc from $165.00 to $185.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Herc presently has an average rating of "Moderate Buy" and an average price target of $201.57.

Herc Trading Up 5.8%

Herc stock opened at $174.16 on Thursday. Herc Holdings Inc. has a 52 week low of $88.45 and a 52 week high of $188.35. The stock has a market cap of $5.83 billion, a PE ratio of 21.60 and a beta of 1.99. The stock has a 50-day moving average price of $140.78 and a 200 day moving average price of $139.47. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 4.08.

Herc (NYSE:HRI - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The transportation company reported $3.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.99. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Herc had a return on equity of 13.21% and a net margin of 2.50%. The business's revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.22 earnings per share. Equities research analysts predict that Herc Holdings Inc. will post 7.87 earnings per share for the current fiscal year.

Herc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were given a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $2.80 annualized dividend and a yield of 1.6%. Herc's dividend payout ratio (DPR) is 76.29%.

About Herc

Herc Holdings Inc., operating as Herc Rentals, provides equipment rental and related services to customers in construction, industrial, infrastructure, government and other sectors. Its offerings include aerial work platforms, earthmoving and material-handling equipment, power-generation and climate-control systems, pumps, and tools and accessories. The company also provides equipment sales, repair and maintenance, and specialized services such as trench shoring and remediation. Herc Rentals serves customers across the United States and Canada through its rental locations and service network.

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