Herc (NYSE:HRI) Stock Price Down 6.7% – Here’s What Happened

Herc Holdings Inc. (NYSE:HRI)’s stock price dropped 6.7% during trading on Tuesday . The stock traded as low as $143.02 and last traded at $142.1050. Approximately 287,618 shares changed hands during trading, a decline of 49% from the average daily volume of 566,561 shares. The stock had previously closed at $152.34.

Wall Street Analyst Weigh In

HRI has been the subject of a number of recent research reports. BNP Paribas Exane boosted their price target on shares of Herc from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Citigroup lifted their target price on shares of Herc from $155.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Weiss Ratings upgraded shares of Herc from a “sell (d+)” rating to a “hold (c)” rating in a research report on Tuesday, July 28th. KeyCorp raised their price target on Herc from $165.00 to $185.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Finally, Zacks Research raised Herc from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $183.00.

Herc Price Performance

The company’s 50-day moving average price is $154.06 and its 200-day moving average price is $136.44. The company has a market cap of $4.65 billion, a P/E ratio of 94.92, a P/E/G ratio of 19.59 and a beta of 1.86. The company has a debt-to-equity ratio of 4.22, a current ratio of 1.10 and a quick ratio of 1.10.

Herc (NYSE:HRI) last issued its quarterly earnings results on Tuesday, July 28th. The transportation company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.67. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.16 billion. Herc had a return on equity of 10.33% and a net margin of 1.01%.During the same period in the previous year, the company posted $1.87 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts predict that Herc Holdings Inc. will post 6.93 earnings per share for the current fiscal year.

Herc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a $0.70 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.0%. Herc’s dividend payout ratio (DPR) is 190.48%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System grew its position in Herc by 14,281.7% in 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 purchasing an additional 5,231,686 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Herc by 11.2% during the 3rd quarter. Invesco Ltd. now owns 4,123,437 shares of the transportation company’s stock worth $481,040,000 after buying an additional 413,719 shares during the last quarter. Norges Bank bought a new position in shares of Herc in the 4th quarter valued at about $287,269,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Herc by 86,823.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,335,138 shares of the transportation company’s stock valued at $198,108,000 after acquiring an additional 1,333,602 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Herc by 17.1% in the first quarter. Dimensional Fund Advisors LP now owns 1,164,022 shares of the transportation company’s stock valued at $115,872,000 after acquiring an additional 170,189 shares during the last quarter. Institutional investors and hedge funds own 93.11% of the company’s stock.

About Herc

Herc Holdings Inc (NYSE: HRI) operates as a leading equipment rental provider in North America, offering a wide range of machinery and support services to construction, industrial, government and event sectors. The company’s fleet includes aerial work platforms, earthmoving equipment, material handling solutions, power generation units and specialty tools, enabling clients to scale their operations without the capital expense of ownership. In addition to basic machinery rentals, Herc provides value-added services such as equipment maintenance, on-site safety training and project consulting to help customers optimize productivity and maintain compliance with industry standards.

Founded as part of Hertz Global Holdings, the equipment rental business was spun off as an independent public company in early 2016.