VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in Herc Holdings Inc. $HRI

Key Points

• Virginia Retirement Systems purchased 14,500 shares of Herc Holdings worth approximately $2.08 million in the second quarter. Institutional investors collectively own 93.11% of the company.
• Herc reported quarterly earnings of $1.43 per share, beating analyst estimates of $0.76, while revenue rose 20.2% year over year to $1.20 billion.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $184.43, above the stock’s recent price of $141.02. Herc also announced a quarterly dividend of $0.70 per share, representing a 2.0% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Herc Holdings Inc. (NYSE:HRI - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 14,500 shares of the transportation company's stock, valued at approximately $2,078,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in shares of Herc by 14,281.7% during the second quarter. California State Teachers Retirement System now owns 5,268,318 shares of the transportation company's stock valued at $755,161,000 after buying an additional 5,231,686 shares during the last quarter. Greenland Capital Management LP purchased a new stake in Herc in the 2nd quarter valued at $1,147,000. AlphaGrep UK Ltd purchased a new stake in Herc in the 2nd quarter valued at $441,000. Nykredit A S bought a new position in Herc during the 2nd quarter valued at $133,000. Finally, Alyeska Investment Group L.P. bought a new position in Herc during the 2nd quarter valued at $427,000. 93.11% of the stock is owned by institutional investors.

Herc Trading Down 0.7%

Shares of Herc stock opened at $141.02 on Friday. The firm has a market cap of $4.71 billion, a PE ratio of 95.93, a P/E/G ratio of 19.72 and a beta of 1.86. Herc Holdings Inc. has a 1 year low of $88.45 and a 1 year high of $188.35. The company has a debt-to-equity ratio of 4.22, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a fifty day moving average price of $153.90 and a 200-day moving average price of $135.87.

Herc (NYSE:HRI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The transportation company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.67. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.16 billion. Herc had a net margin of 1.01% and a return on equity of 10.33%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.87 EPS. Equities research analysts anticipate that Herc Holdings Inc. will post 6.93 EPS for the current year.

Herc Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Zacks Research upgraded shares of Herc from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 9th. Citigroup raised their price target on shares of Herc from $155.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Wells Fargo & Company upped their price objective on shares of Herc from $176.00 to $218.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. JPMorgan Chase & Co. upgraded shares of Herc from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $165.00 to $175.00 in a research note on Thursday. Finally, KeyCorp lifted their target price on shares of Herc from $165.00 to $185.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $184.43.

Herc Company Profile

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.

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