Jennison Associates LLC Buys New Shares in Herc Holdings Inc. $HRI

Key Points

• Jennison Associates bought a new stake of 55,864 shares in Herc (about $8.29 million), leaving it with a 0.17% position at quarter-end; overall institutional ownership stands at roughly 93.11%.
• Herc beat expectations for the quarter, reporting $0.21 EPS vs. a (-$0.21) consensus and revenue of $1.14 billion, up 32.3% year-over-year.
• Analyst sentiment is mixed — five Buys, one Hold and two Sells — producing an average rating of Hold and a consensus price target of $165.67, with individual targets ranging roughly from $125 to $176.

Jennison Associates LLC bought a new stake in Herc Holdings Inc. (NYSE:HRI - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 55,864 shares of the transportation company's stock, valued at approximately $8,289,000. Jennison Associates LLC owned 0.17% of Herc at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of HRI. Aster Capital Management DIFC Ltd purchased a new position in Herc in the third quarter valued at $31,000. Advisory Services Network LLC acquired a new stake in Herc in the third quarter valued at $35,000. Caitong International Asset Management Co. Ltd acquired a new stake in Herc in the third quarter valued at $40,000. NewEdge Advisors LLC raised its stake in Herc by 628.8% in the third quarter. NewEdge Advisors LLC now owns 430 shares of the transportation company's stock valued at $50,000 after buying an additional 371 shares in the last quarter. Finally, AlphaQuest LLC raised its stake in Herc by 20.3% in the third quarter. AlphaQuest LLC now owns 438 shares of the transportation company's stock valued at $51,000 after buying an additional 74 shares in the last quarter. 93.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on HRI shares. Citigroup raised their price target on Herc from $135.00 to $155.00 and gave the company a "buy" rating in a research note on Thursday. Zacks Research cut Herc from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 14th. Weiss Ratings restated a "sell (d+)" rating on shares of Herc in a research note on Tuesday, April 21st. JPMorgan Chase & Co. cut their price target on Herc from $165.00 to $125.00 and set a "neutral" rating on the stock in a research note on Friday, April 10th. Finally, Wells Fargo & Company raised their price target on Herc from $160.00 to $176.00 and gave the company an "overweight" rating in a research note on Wednesday. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $165.67.

Herc Stock Performance

NYSE HRI opened at $132.85 on Friday. The firm has a market cap of $4.44 billion, a P/E ratio of -492.03, a P/E/G ratio of 32.66 and a beta of 1.90. Herc Holdings Inc. has a 52-week low of $88.45 and a 52-week high of $188.35. The business's 50-day moving average price is $114.84 and its 200 day moving average price is $136.58. The company has a quick ratio of 1.31, a current ratio of 1.46 and a debt-to-equity ratio of 4.24.

Herc (NYSE:HRI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The transportation company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.42. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.06 billion. Herc had a positive return on equity of 10.72% and a negative net margin of 0.11%.The firm's revenue for the quarter was up 32.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 EPS. On average, equities research analysts expect that Herc Holdings Inc. will post 4.82 earnings per share for the current year.

Herc Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, February 18th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Wednesday, February 18th. Herc's payout ratio is -1,037.04%.

About Herc

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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