Herc (NYSE:HRI) Shares Up 7.6% – Here’s Why

Herc Holdings Inc. (NYSE:HRI) shares shot up 7.6% during mid-day trading on Wednesday . The stock traded as high as $159.74 and last traded at $161.1850. 15,148 shares traded hands during trading, a decline of 97% from the average session volume of 488,473 shares. The stock had previously closed at $149.81.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HRI. Weiss Ratings reiterated a “sell (d+)” rating on shares of Herc in a report on Thursday, January 22nd. JPMorgan Chase & Co. increased their target price on Herc from $150.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Robert W. Baird set a $200.00 price objective on shares of Herc in a research report on Wednesday, October 29th. Barclays boosted their price target on Herc from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Citigroup lifted their price objective on Herc from $170.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $181.43.

Herc Trading Up 7.7%

The firm has a market cap of $5.52 billion, a P/E ratio of -65.82, a P/E/G ratio of 1.39 and a beta of 1.77. The business’s 50-day moving average is $153.03 and its two-hundred day moving average is $136.91. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 4.28.

Herc Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Monday, December 15th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, December 15th. Herc’s dividend payout ratio (DPR) is -111.11%.

Institutional Investors Weigh In On Herc

A number of hedge funds have recently made changes to their positions in HRI. Harbor Capital Advisors Inc. grew its holdings in Herc by 53.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 248 shares of the transportation company’s stock worth $29,000 after buying an additional 86 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Herc during the third quarter valued at $31,000. Advisory Services Network LLC bought a new stake in shares of Herc during the third quarter valued at about $35,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Herc during the second quarter valued at about $36,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Herc in the third quarter worth about $40,000. Institutional investors own 93.11% of the company’s stock.

Herc Company Profile

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.