Hertz Global (HTZ) Bonds Drop 1.2% During Trading Insider Trade

An issue of Hertz Global Holdings, Inc (NYSE:HTZ) bonds fell 1.2% as a percentage of their face value during trading on Tuesday after an insider sold shares in the company. The debt issue has a 5.5% coupon and is set to mature on October 15, 2024. The debt is now trading at $83.16. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price. Specifically, major shareholder Carl C. Icahn sold 5,000,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $19.45, for a total transaction of $97,250,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.56% of the stock is owned by company insiders.

A number of equities research analysts have recently commented on HTZ shares. ValuEngine upgraded Hertz Global from a “hold” rating to a “buy” rating in a research report on Saturday, November 10th. Deutsche Bank set a $18.00 target price on Hertz Global and gave the company a “hold” rating in a research report on Saturday, November 10th. Morgan Stanley set a $15.00 target price on Hertz Global and gave the company a “sell” rating in a research report on Thursday, December 20th. JPMorgan Chase & Co. raised their target price on Hertz Global from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, November 14th. Finally, Northcoast Research upgraded Hertz Global from a “neutral” rating to a “buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Hertz Global currently has an average rating of “Hold” and an average target price of $17.33.

The company has a market cap of $1.48 billion, a price-to-earnings ratio of -101.71 and a beta of 1.89. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.53 and a current ratio of 1.53.

Hertz Global (NYSE:HTZ) last issued its quarterly earnings results on Monday, February 25th. The transportation company reported ($0.55) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $0.26. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.15 billion. Hertz Global had a net margin of 5.29% and a negative return on equity of 2.50%. Hertz Global’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company posted ($0.77) EPS. As a group, analysts predict that Hertz Global Holdings, Inc will post 0.55 EPS for the current year.

A number of institutional investors have recently modified their holdings of the stock. Bronfman E.L. Rothschild L.P. lifted its stake in Hertz Global by 177.8% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 2,278 shares of the transportation company’s stock valued at $31,000 after buying an additional 1,458 shares in the last quarter. Creative Planning lifted its stake in Hertz Global by 2.9% in the 4th quarter. Creative Planning now owns 89,072 shares of the transportation company’s stock valued at $1,216,000 after buying an additional 2,500 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Hertz Global in the 4th quarter valued at about $38,000. Teachers Advisors LLC lifted its stake in Hertz Global by 3.4% in the 3rd quarter. Teachers Advisors LLC now owns 138,286 shares of the transportation company’s stock valued at $2,258,000 after buying an additional 4,594 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Hertz Global by 40.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 19,319 shares of the transportation company’s stock valued at $315,000 after buying an additional 5,573 shares in the last quarter.

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About Hertz Global (NYSE:HTZ)

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc, operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 9,700 corporate and franchisee locations throughout North America, Europe, The Caribbean, Latin America, Africa, the Middle East, Asia, Australia, and New Zealand.

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