Hertz Global (NYSE:HTZ) Shares Down 6.1% Following Analyst Downgrade

Share on StockTwits

Hertz Global Holdings, Inc (NYSE:HTZ) shares fell 6.1% during trading on Wednesday after Barclays downgraded the stock from an overweight rating to an equal weight rating. Barclays now has a $10.00 price target on the stock, down from their previous price target of $17.00. Hertz Global traded as low as $7.10 and last traded at $7.71, 13,960,679 shares traded hands during mid-day trading. An increase of 148% from the average session volume of 5,638,957 shares. The stock had previously closed at $8.21.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. dropped their price target on Hertz Global from $20.00 to $19.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Morgan Stanley dropped their price target on Hertz Global from $12.00 to $5.00 and set an “underweight” rating on the stock in a research report on Tuesday. ValuEngine cut Hertz Global from a “hold” rating to a “sell” rating in a research report on Tuesday, March 3rd. Jefferies Financial Group began coverage on Hertz Global in a research report on Wednesday, November 27th. They issued a “hold” rating and a $17.00 price target on the stock. Finally, Deutsche Bank reissued a “hold” rating and issued a $19.00 price target on shares of Hertz Global in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company’s stock. Hertz Global currently has a consensus rating of “Hold” and a consensus target price of $15.17.

In other Hertz Global news, major shareholder Carl C. Icahn acquired 6,387,918 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $6.99 per share, with a total value of $44,651,546.82. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Carl C. Icahn acquired 1,285,121 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was acquired at an average cost of $7.79 per share, for a total transaction of $10,011,092.59. The disclosure for this purchase can be found here. Corporate insiders own 0.31% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in HTZ. NumerixS Investment Technologies Inc lifted its holdings in shares of Hertz Global by 41.1% during the 4th quarter. NumerixS Investment Technologies Inc now owns 13,400 shares of the transportation company’s stock valued at $211,000 after buying an additional 3,900 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Hertz Global by 18.2% during the 4th quarter. ProShare Advisors LLC now owns 13,946 shares of the transportation company’s stock valued at $220,000 after buying an additional 2,150 shares during the period. Westpac Banking Corp bought a new position in shares of Hertz Global during the 4th quarter valued at $241,000. Amalgamated Bank lifted its holdings in shares of Hertz Global by 10.6% during the 4th quarter. Amalgamated Bank now owns 16,202 shares of the transportation company’s stock valued at $255,000 after buying an additional 1,551 shares during the period. Finally, AlphaCrest Capital Management LLC bought a new position in shares of Hertz Global during the 4th quarter valued at $260,000.

The firm has a fifty day moving average price of $13.06 and a two-hundred day moving average price of $14.53. The stock has a market capitalization of $935.18 million, a P/E ratio of -8.38 and a beta of 2.20. The company has a debt-to-equity ratio of 10.03, a quick ratio of 1.71 and a current ratio of 1.71.

Hertz Global (NYSE:HTZ) last released its quarterly earnings results on Monday, February 24th. The transportation company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.03. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Hertz Global had a positive return on equity of 11.29% and a negative net margin of 0.59%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.48) EPS. On average, research analysts anticipate that Hertz Global Holdings, Inc will post 0.91 earnings per share for the current fiscal year.

About Hertz Global (NYSE:HTZ)

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc, operates the Hertz, Dollar and Thrifty vehicle rental brands in approximately 9,700 corporate and franchisee locations throughout North America, Europe, The Caribbean, Latin America, Africa, the Middle East, Asia, Australia, and New Zealand.

Featured Story: How do analysts define an oversold condition?

Receive News & Ratings for Hertz Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hertz Global and related companies with MarketBeat.com's FREE daily email newsletter.