SG Americas Securities LLC has acquired a new stake in Herc Holdings Inc. (NYSE:HRI), purchasing 1,683 shares valued at approximately $222,000. This acquisition was disclosed in the firm’s latest 13F filing with the Securities and Exchange Commission for the second quarter of 2023.
Several other institutional investors have also adjusted their holdings in Herc Holdings during this period. For instance, Midwest Financial Group LLC increased its stake by 12.5%, bringing its total to 1,803 shares worth $237,000 after adding 200 shares. Similarly, Johnson Investment Counsel Inc. raised its position by 10.5%, now owning 2,215 shares valued at $292,000 following the acquisition of 210 additional shares.
AlphaQuest LLC made a more significant adjustment, growing its stake by 158.2% to now hold 364 shares worth $48,000. The University of Texas Texas A&M Investment Management Co. entered the scene with a new investment valued at $36,000. PNC Financial Services Group Inc. also increased its stake by 114.7%, holding 584 shares valued at $77,000 after purchasing an additional 312 shares. Institutional investors now own 93.11% of Herc Holdings, indicating strong confidence in the company.
Market Analysis and Analyst Ratings
In recent weeks, several brokerages have issued reports regarding Herc Holdings. Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on November 2. On October 29, JPMorgan Chase & Co. raised its price target from $140.00 to $150.00 while maintaining a “neutral” rating. Robert W. Baird has set a target of $200.00 for the shares, and Zacks Research also upgraded the rating from “strong sell” to “hold” on August 29.
Wells Fargo & Company recently began coverage with an “overweight” rating, setting a price target of $170.00. Analysts have rated the stock with a mix of recommendations, including one “Strong Buy,” five “Buy,” two “Hold,” and one “Sell.” According to data from MarketBeat.com, the stock currently holds a consensus rating of “Moderate Buy” with an average price target of $164.33.
Current Stock Performance
As of November 2, 2023, Herc Holdings’ stock is trading at $132.39, experiencing a decline of 3.6%. The company has seen a 12-month low of $96.18 and a high of $236.39. With a market capitalization of $4.40 billion, the stock has a P/E ratio of -52.54 and a beta of 1.87, indicating significant volatility.
The company’s recent quarterly earnings revealed earnings per share (EPS) of $3.42 and revenue totaling $745 million. Despite a negative net margin of 1.68%, Herc Holdings boasts a positive return on equity of 16.32%. Analysts predict the company will report an EPS of 12.84 for the current fiscal year.
Herc Holdings Inc. operates as an equipment rental supplier, offering a broad range of equipment and services including aerial, earthmoving, and material handling equipment, along with safety supplies and industry-specific solutions. This diverse portfolio positions the company well in the competitive equipment rental market.
