Zacks Investment Research upgraded shares of Hertz Global (NYSE:HTZ) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $19.00 target price on the transportation company’s stock.
According to Zacks, “Shares of Hertz Global have outperfomed the industry it belongs to on a year-to-date basis. The company is being aided by strong performance of the U.S. Rental Car segment. Revenues at the division grew 8.1% in 2018. Efficient fleet management is driving growth at this key unit. The company’s first-quarter 2019 results, scheduled to be released on May 6, are also likely to benefit from this tailwind. The company's measures to revive its fortunes through the turnaround plan are also encouraging. Evidently, the company's turnaround plan helped generate 8% revenue growth in 2018. The momentum is anticipated to continue into 2019. However, the company's heavy investments on its turnaround plans seem to partly affect the bottom line. Moreover, pricing pressure remains a major headwind due to low used car prices.”
HTZ has been the subject of several other reports. Morgan Stanley set a $15.00 price objective on shares of Hertz Global and gave the stock a sell rating in a research report on Thursday, December 20th. Deutsche Bank increased their price objective on shares of Hertz Global from $18.00 to $21.00 and gave the stock a hold rating in a research report on Wednesday, February 27th. Barclays upgraded shares of Hertz Global from an underweight rating to an equal weight rating and increased their price objective for the stock from $14.00 to $18.00 in a research report on Friday, March 1st. Northcoast Research upgraded shares of Hertz Global from a neutral rating to a buy rating in a research report on Monday, March 4th. Finally, ValuEngine upgraded shares of Hertz Global from a hold rating to a buy rating in a research report on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $18.00.
Hertz Global (NYSE:HTZ) last released its quarterly earnings results on Monday, February 25th. The transportation company reported ($0.55) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.82) by $0.27. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.15 billion. Hertz Global had a negative net margin of 2.37% and a negative return on equity of 1.14%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.77) earnings per share. As a group, analysts forecast that Hertz Global will post 0.64 EPS for the current fiscal year.
In other news, major shareholder Carl C. Icahn sold 5,000,000 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $19.45, for a total transaction of $97,250,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.31% of the company’s stock.
A number of large investors have recently bought and sold shares of HTZ. Bronfman E.L. Rothschild L.P. grew its holdings in Hertz Global by 177.8% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 2,278 shares of the transportation company’s stock worth $31,000 after purchasing an additional 1,458 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Hertz Global in the fourth quarter worth $38,000. Nisa Investment Advisors LLC grew its holdings in Hertz Global by 3,114.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 9,805 shares of the transportation company’s stock worth $134,000 after purchasing an additional 9,500 shares during the period. Edge Capital Group LLC acquired a new stake in Hertz Global in the fourth quarter worth $138,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Hertz Global by 121.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,626 shares of the transportation company’s stock worth $159,000 after purchasing an additional 6,367 shares during the period.
About Hertz Global
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.
See Also: How does a reverse stock split work?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.