T. Rowe Price Investment Management Inc. Reduces 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 position in shares of Herc Holdings Inc. (NYSE:HRI - Free Report) by 36.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 328,998 shares of the transportation company's stock after selling 190,095 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.15% of Herc worth $44,175,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in HRI. Larson Financial Group LLC boosted its position in shares of Herc by 1,831.3% during the first quarter. Larson Financial Group LLC now owns 309 shares of the transportation company's stock valued at $41,000 after purchasing an additional 293 shares in the last quarter. Quarry LP increased its position in Herc by 646.7% during the 4th quarter. Quarry LP now owns 224 shares of the transportation company's stock valued at $42,000 after buying an additional 194 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Herc during the fourth quarter valued at $59,000. New Age Alpha Advisors LLC purchased a new position in Herc during the first quarter valued at $118,000. Finally, CWM LLC boosted its holdings in Herc by 114.4% in the first quarter. CWM LLC now owns 1,042 shares of the transportation company's stock worth $140,000 after acquiring an additional 556 shares in the last quarter. 93.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

HRI has been the subject of several analyst reports. Robert W. Baird reduced their price target on Herc from $142.00 to $137.00 and set a "neutral" rating for the company in a report on Wednesday, July 30th. Citigroup cut their price objective on shares of Herc from $170.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $144.60.

Herc Stock Up 3.3%

Shares of HRI stock traded up $4.24 during mid-day trading on Wednesday, hitting $132.71. The company's stock had a trading volume of 325,762 shares, compared to its average volume of 520,078. Herc Holdings Inc. has a 52-week low of $96.18 and a 52-week high of $246.88. The business has a 50-day moving average price of $129.03 and a 200 day moving average price of $131.40. The company has a debt-to-equity ratio of 4.37, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 154.32, a PEG ratio of 1.55 and a beta of 1.86.

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

Herc Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, August 22nd. Herc's dividend payout ratio is 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.