Hertz Global (NYSE:HTZ) Stock Price Down 6.1% on Analyst Downgrade

Hertz Global Holdings, Inc (NYSE:HTZ) shares traded down 6.1% on Wednesday after Barclays downgraded the stock from an overweight rating to an equal weight rating. Barclays now has a $10.00 price target on the stock, down from their previous price target of $17.00. Hertz Global traded as low as $7.10 and last traded at $7.71, 13,960,679 shares changed hands during trading. An increase of 148% from the average session volume of 5,638,957 shares. The stock had previously closed at $8.21.

Several other brokerages also recently weighed in on HTZ. Jefferies Financial Group assumed coverage on shares of Hertz Global in a research note on Wednesday, November 27th. They set a “hold” rating and a $17.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Hertz Global from $20.00 to $19.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. ValuEngine downgraded shares of Hertz Global from a “hold” rating to a “sell” rating in a research note on Tuesday, March 3rd. Morgan Stanley decreased their target price on shares of Hertz Global from $12.00 to $5.00 and set an “underweight” rating for the company in a research note on Tuesday. Finally, Deutsche Bank reiterated a “hold” rating and set a $19.00 target price on shares of Hertz Global in a research note on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $15.17.

In related news, major shareholder Carl C. Icahn purchased 6,387,918 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was acquired at an average price of $6.99 per share, for a total transaction of $44,651,546.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Carl C. Icahn purchased 1,285,121 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average price of $7.79 per share, with a total value of $10,011,092.59. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Icahn Carl C raised its position in Hertz Global by 72.7% during the third quarter. Icahn Carl C now owns 41,895,315 shares of the transportation company’s stock worth $579,831,000 after acquiring an additional 17,631,446 shares during the last quarter. Renaissance Technologies LLC raised its position in Hertz Global by 31.8% during the fourth quarter. Renaissance Technologies LLC now owns 9,657,583 shares of the transportation company’s stock worth $152,107,000 after acquiring an additional 2,329,775 shares during the last quarter. Lyrical Asset Management LP raised its position in Hertz Global by 5.1% during the fourth quarter. Lyrical Asset Management LP now owns 4,177,599 shares of the transportation company’s stock worth $65,797,000 after acquiring an additional 203,772 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Hertz Global by 15.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,953,531 shares of the transportation company’s stock worth $62,268,000 after acquiring an additional 518,544 shares during the last quarter. Finally, Norges Bank acquired a new position in Hertz Global during the fourth quarter worth about $24,678,000.

The company has a debt-to-equity ratio of 10.03, a current ratio of 1.71 and a quick ratio of 1.71. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -7.87 and a beta of 2.20. The business’s 50-day simple moving average is $12.68 and its 200-day simple moving average is $14.48.

Hertz Global (NYSE:HTZ) last announced its earnings results on Monday, February 24th. The transportation company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Hertz Global had a negative net margin of 0.59% and a positive return on equity of 11.29%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.48) earnings per share. As a group, sell-side analysts forecast that Hertz Global Holdings, Inc will post 0.91 EPS for the current year.

Hertz Global Company Profile (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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