Hertz Global Holdings, Inc (HTZ) Bonds Drop 2.1% During Trading Earnings

An issue of Hertz Global Holdings, Inc (NYSE:HTZ) bonds fell 2.1% as a percentage of their face value during trading on Tuesday following a weaker than expected earnings announcement. The high-yield issue of debt has a 5.875% coupon and will mature on October 15, 2020. The bonds in the issue are now trading at $92.63 and were trading at $95.00 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price. The transportation company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.12) by $0.51. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Hertz Global Holdings had a negative net margin of 8.96% and a negative return on equity of 10.27%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS.

HTZ has been the topic of several recent analyst reports. Zacks Investment Research raised Hertz Global Holdings from a “sell” rating to a “hold” rating in a report on Monday, May 1st. Deutsche Bank AG restated a “hold” rating and issued a $16.00 price objective on shares of Hertz Global Holdings in a research note on Tuesday, May 9th. Morgan Stanley decreased their price objective on shares of Hertz Global Holdings from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Friday, May 12th. Barclays PLC set a $9.00 price objective on shares of Hertz Global Holdings and gave the company a “hold” rating in a research note on Sunday, May 14th. Finally, MKM Partners restated a “buy” rating and issued a $22.00 price objective (down previously from $29.00) on shares of Hertz Global Holdings in a research note on Tuesday, June 6th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $21.50.

Large investors have recently made changes to their positions in the company. First Trust Advisors LP increased its stake in shares of Hertz Global Holdings by 40.8% in the first quarter. First Trust Advisors LP now owns 226,897 shares of the transportation company’s stock valued at $3,980,000 after buying an additional 65,770 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in shares of Hertz Global Holdings by 52.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 211,405 shares of the transportation company’s stock valued at $3,708,000 after buying an additional 72,441 shares during the period. Stoneridge Investment Partners LLC increased its stake in shares of Hertz Global Holdings by 79.6% in the first quarter. Stoneridge Investment Partners LLC now owns 83,323 shares of the transportation company’s stock valued at $1,461,000 after buying an additional 36,938 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of Hertz Global Holdings by 52.2% in the first quarter. Great West Life Assurance Co. Can now owns 44,876 shares of the transportation company’s stock valued at $786,000 after buying an additional 15,382 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Hertz Global Holdings by 42.9% in the first quarter. Wells Fargo & Company MN now owns 1,529,906 shares of the transportation company’s stock valued at $26,834,000 after buying an additional 459,251 shares during the period.

The stock’s market capitalization is $1.42 billion. The stock has a 50-day moving average of $15.33 and a 200-day moving average of $15.60.

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About Hertz Global Holdings

Herc Holdings Inc, formerly Hertz Global Holdings, Inc, is a holding company. The Company is engaged principally in the business of renting and leasing of cars through its Hertz, Dollar, Thrifty and Firefly brands, and equipment through its Hertz Equipment Rental brand. It operates through four segments: U.S.

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