Trade Report: Today, Hertz Global Holdings Inc. (HTZ) Bond Prices Fall 3.2%

Today, Hertz Global Holdings Inc. (HTZ) Bond Prices Fall 3.2%

An issue of Hertz Global Holdings Inc. (NYSE:HTZ) bonds fell 3.2% as a percentage of their face value during trading on Thursday. The high-yield debt issue has a 6.25% coupon and will mature on October 15, 2022. The bonds in the issue are now trading at $94.25 and were trading at $95.25 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

HTZ has been the topic of several recent analyst reports. Goldman Sachs Group Inc. initiated coverage on Hertz Global Holdings in a report on Monday, October 24th. They set a “sell” rating and a $29.00 target price on the stock. Zacks Investment Research raised Hertz Global Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, November 17th. Barclays PLC initiated coverage on Hertz Global Holdings in a research report on Tuesday, September 27th. They issued an “equal weight” rating and a $52.00 target price on the stock. Morgan Stanley initiated coverage on Hertz Global Holdings in a research report on Tuesday, September 6th. They issued an “overweight” rating and a $57.00 target price on the stock. Finally, Deutsche Bank AG downgraded Hertz Global Holdings from a “buy” rating to a “hold” rating and lowered their target price for the company from $59.00 to $24.00 in a research report on Tuesday, November 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Hertz Global Holdings has a consensus rating of “Hold” and an average price target of $46.53.

Hertz Global Holdings Inc. (NYSE:HTZ) opened at 25.89 on Friday. Hertz Global Holdings Inc. has a 52-week low of $17.20 and a 52-week high of $53.14. The firm has a market cap of $2.15 billion and a P/E ratio of 34.94. The stock has a 50 day moving average price of $31.30 and a 200 day moving average price of $42.10.

Hertz Global Holdings (NYSE:HTZ) last released its quarterly earnings data on Monday, November 7th. The company reported $1.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.73 by $1.15. The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.60 billion. Hertz Global Holdings’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. Equities analysts predict that Hertz Global Holdings Inc. will post $0.74 earnings per share for the current fiscal year.

In other Hertz Global Holdings news, insider Thomas C. Kennedy purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The shares were acquired at an average price of $28.05 per share, with a total value of $280,500.00. Following the transaction, the insider now owns 31,200 shares in the company, valued at $875,160. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Carl C. Icahn purchased 15,080,442 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The stock was acquired at an average cost of $23.43 per share, for a total transaction of $353,334,756.06. The disclosure for this purchase can be found here. 0.40% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in HTZ. Passport Capital LLC acquired a new position in shares of Hertz Global Holdings during the second quarter valued at $121,000. Allianz Asset Management AG acquired a new position in shares of Hertz Global Holdings during the second quarter valued at $375,000. Pitcairn Co. boosted its position in shares of Hertz Global Holdings by 3.8% in the second quarter. Pitcairn Co. now owns 14,363 shares of the company’s stock valued at $159,000 after buying an additional 531 shares during the last quarter. World Asset Management Inc boosted its position in shares of Hertz Global Holdings by 14.0% in the second quarter. World Asset Management Inc now owns 15,487 shares of the company’s stock valued at $171,000 after buying an additional 1,898 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Hertz Global Holdings by 506.7% in the second quarter. Pacer Advisors Inc. now owns 16,932 shares of the company’s stock valued at $2,812,000 after buying an additional 14,141 shares during the last quarter. 58.48% of the stock is currently owned by institutional investors and hedge funds.

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