T. Rowe Price Investment Management Inc. Reduces Stock Holdings in Herc Holdings Inc. $HRI

Key Points

• T. Rowe Price Investment Management Inc. has significantly reduced its stake in Herc Holdings Inc. by 36.6%, now holding 328,998 shares worth approximately $44.18 million.
• Herc's recent earnings report revealed an EPS of $1.87, exceeding analysts' expectations, with revenues of $1 billion for the quarter.
• The company announced a quarterly dividend of $0.70 per share, representing an annualized yield of 2.2%, with a dividend payout ratio of 325.58%.

T. Rowe Price Investment Management Inc. cut its stake in shares of Herc Holdings Inc. (NYSE:HRI - Free Report) by 36.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 328,998 shares of the transportation company's stock after selling 190,095 shares during the period. T. Rowe Price Investment Management Inc. owned about 1.15% of Herc worth $44,175,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of HRI. Raymond James Financial Inc. purchased a new stake in shares of Herc during the fourth quarter worth $2,926,000. MetLife Investment Management LLC grew its holdings in shares of Herc by 4.3% in the fourth quarter. MetLife Investment Management LLC now owns 16,948 shares of the transportation company's stock valued at $3,209,000 after purchasing an additional 706 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Herc by 11.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,331 shares of the transportation company's stock valued at $252,000 after purchasing an additional 132 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Herc by 36.3% in the fourth quarter. Hsbc Holdings PLC now owns 6,795 shares of the transportation company's stock valued at $1,288,000 after purchasing an additional 1,809 shares during the period. Finally, Nebula Research & Development LLC purchased a new stake in shares of Herc in the fourth quarter valued at about $238,000. Hedge funds and other institutional investors own 93.11% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on HRI shares. Citigroup dropped their price objective on shares of Herc from $170.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Robert W. Baird dropped their price objective on shares of Herc from $142.00 to $137.00 and set a "neutral" rating for the company in a report on Wednesday, July 30th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $144.60.

Herc Stock Down 1.2%

NYSE:HRI traded down $1.60 during mid-day trading on Friday, hitting $131.10. The stock had a trading volume of 31,196 shares, compared to its average volume of 515,229. The stock has a 50-day simple moving average of $129.87 and a two-hundred day simple moving average of $130.93. The company has a market capitalization of $4.36 billion, a PE ratio of 152.44, a PEG ratio of 1.56 and a beta of 1.86. Herc Holdings Inc. has a twelve month low of $96.18 and a twelve month high of $246.88. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 4.37.

Herc (NYSE:HRI - Get Free Report) last issued its earnings results on Tuesday, July 29th. The transportation company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.58. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $868.23 million. Herc had a net margin of 0.61% and a return on equity of 20.77%. On average, equities research analysts anticipate that Herc Holdings Inc. will post 12.84 EPS for the current year.

Herc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, August 22nd. Herc's dividend payout ratio is currently 325.58%.

About Herc

Herc Holdings Inc, together with its subsidiaries, operates as an equipment rental supplier. It rents aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment, as well as generators, and safety supplies and expendables; and provides ProSolutions, an industry specific solution based services, such as pumping solutions, power generation, climate control, remediation and restoration, and studio and production equipment.