Herc (NYSE:HRI) Shares Down 7% – Here’s What Happened

Herc Holdings Inc. (NYSE:HRI) shares traded down 7% during trading on Wednesday. The stock traded as low as $124.40 and last traded at $125.33. 125,486 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 603,210 shares. The stock had previously closed at $134.73.

Wall Street Analysts Forecast Growth

HRI has been the topic of a number of recent analyst reports. Zacks Research upgraded Herc from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 14th. Citigroup boosted their price target 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 raised shares of Herc from a “sell (d+)” rating to a “hold (c)” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. raised shares of Herc from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $165.00 to $175.00 in a research note on Thursday, September 10th. Finally, BNP Paribas Exane lifted their price objective on Herc from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Herc has an average rating of “Moderate Buy” and a consensus target price of $178.43.

Herc Stock Performance

The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 84.38 and a beta of 2.04. The firm’s 50-day moving average price is $148.72 and its two-hundred day moving average price is $137.30. The company has a debt-to-equity ratio of 4.22, a quick ratio of 1.10 and a current ratio of 1.10.

Herc (NYSE:HRI) last released its quarterly earnings results on Tuesday, July 28th. The transportation company reported $1.43 EPS for the quarter, beating the consensus estimate of $0.76 by $0.67. Herc had a net margin of 1.01% and a return on equity of 10.33%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the company earned $1.87 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts expect that Herc Holdings Inc. will post 7.05 EPS for the current fiscal year.

Herc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were paid a dividend of $0.70 per share. The ex-dividend date was Wednesday, September 2nd. This represents a $2.80 dividend on an annualized basis and a yield of 2.3%. Herc’s dividend payout ratio is 190.48%.

Institutional Investors Weigh In On Herc

A number of large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new stake in Herc during the second quarter worth approximately $68,000. State of Wyoming raised its holdings in shares of Herc by 21.0% in the first quarter. State of Wyoming now owns 616 shares of the transportation company’s stock valued at $61,000 after buying an additional 107 shares during the last quarter. NewEdge Advisors LLC lifted its position in Herc by 61.4% during the 1st quarter. NewEdge Advisors LLC now owns 694 shares of the transportation company’s stock worth $69,000 after acquiring an additional 264 shares during the period. Nykredit A S acquired a new stake in shares of Herc during the second quarter worth $133,000. Finally, Arthur M. Cohen & Associates LLC acquired a new stake in shares of Herc in the 4th quarter worth $208,000. 93.11% of the stock is owned by hedge funds and other institutional investors.

Herc Company Profile

Herc Holdings Inc is an equipment rental supplier operating under the Herc Rentals brand. The company provides construction, industrial, commercial and government customers with access to equipment and related services without requiring them to purchase and maintain their own fleets.

Its rental fleet includes aerial work platforms, earthmoving equipment, material-handling equipment, trucks and trailers, and general construction tools. Herc Rentals also offers specialty equipment and services for power generation, climate control, pumps, remediation, trench safety, and other specialized project requirements.