Jennison Associates LLC Lowers Position in Herc Holdings Inc. (NYSE:HRI)

Jennison Associates LLC cut its position in shares of Herc Holdings Inc. (NYSE:HRI) by 44.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 172,613 shares of the transportation company’s stock after selling 135,805 shares during the period. Jennison Associates LLC’s holdings in Herc were worth $27,520,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Signaturefd LLC grew its holdings in Herc by 27.7% during the 3rd quarter. Signaturefd LLC now owns 281 shares of the transportation company’s stock valued at $45,000 after purchasing an additional 61 shares during the last quarter. Chartwell Investment Partners LLC grew its stake in Herc by 0.8% in the third quarter. Chartwell Investment Partners LLC now owns 7,995 shares of the transportation company’s stock valued at $1,275,000 after purchasing an additional 65 shares during the last quarter. MQS Management LLC lifted its position in Herc by 3.8% during the third quarter. MQS Management LLC now owns 1,945 shares of the transportation company’s stock valued at $310,000 after acquiring an additional 71 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Herc by 2.1% during the 2nd quarter. SummerHaven Investment Management LLC now owns 5,147 shares of the transportation company’s stock valued at $686,000 after purchasing an additional 108 shares during the last quarter. Finally, Welch Group LLC grew its stake in shares of Herc by 1.9% during the third quarter. Welch Group LLC now owns 6,200 shares of the transportation company’s stock worth $988,000 after acquiring an additional 118 shares during the last quarter. 93.11% of the stock is currently owned by institutional investors.

Herc Stock Up 1.8 %

Shares of HRI opened at $217.31 on Friday. The company’s 50-day simple moving average is $184.41 and its 200-day simple moving average is $155.72. The stock has a market capitalization of $6.17 billion, a PE ratio of 17.77, a P/E/G ratio of 1.24 and a beta of 2.02. The company has a debt-to-equity ratio of 2.89, a quick ratio of 1.22 and a current ratio of 1.22. Herc Holdings Inc. has a 1 year low of $119.08 and a 1 year high of $246.88.

Herc (NYSE:HRI) last released its quarterly earnings data on Tuesday, October 22nd. The transportation company reported $4.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.48 by ($0.13). Herc had a return on equity of 26.35% and a net margin of 10.09%. The firm had revenue of $965.00 million for the quarter, compared to analysts’ expectations of $931.33 million. During the same period last year, the firm posted $4.00 earnings per share. Herc’s revenue for the quarter was up 6.3% on a year-over-year basis. Analysts forecast that Herc Holdings Inc. will post 13.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Herc news, COO Aaron Birnbaum sold 10,000 shares of Herc stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $146.71, for a total value of $1,467,100.00. Following the transaction, the chief operating officer now directly owns 38,232 shares in the company, valued at approximately $5,609,016.72. This trade represents a 20.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael A. Kelly sold 3,880 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $208.83, for a total transaction of $810,260.40. Following the completion of the sale, the director now owns 13,774 shares of the company’s stock, valued at $2,876,424.42. This trade represents a 21.98 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,880 shares of company stock valued at $3,342,960. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

HRI has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Herc from $200.00 to $240.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Barclays lifted their price objective on shares of Herc from $175.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, The Goldman Sachs Group increased their target price on Herc from $178.00 to $204.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $212.25.

Herc Company Profile

Herc Holdings Inc, together with its subsidiaries, operates as an equipment rental supplier. It rents aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment, as well as generators, and safety supplies and expendables; and provides ProSolutions, an industry specific solution based services, such as pumping solutions, power generation, climate control, remediation and restoration, and studio and production equipment.