In a recent transaction, Lawrence Harris, President and CEO of Herc Holdings Inc. (NYSE:HRI), sold a significant amount of company stock, totaling over $3.1 million. The series of sales occurred on May 13, 2024, with prices per share ranging from $157.58 to $159.20.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission. According to the filing, Harris executed three separate sales of Herc Holdings' common stock. The first sale consisted of 2,524 shares at an average price of $157.58, the second involved 7,018 shares at an average price of $158.66, and the third and largest sale included 10,458 shares at an average price of $159.20.
The footnotes in the SEC filing indicate that the prices reported are weighted averages, as the shares were sold in multiple transactions within the price ranges of $157.00 to $157.98, $158.00 to $158.99, and $159.00 to $159.46, respectively. Harris has committed to providing full information on the number of shares sold at each separate price upon request.
Following these transactions, the SEC report shows that Harris still holds a substantial number of shares in the company, with ownership following the sales totaling 213,382 shares of common stock.
The sale by the CEO of Herc Holdings, a company known for its equipment rental and leasing services, represents a notable change in the executive's investment position and is a significant event for investors monitoring insider activity. The details of these transactions are now publicly available for scrutiny, as required by SEC regulations.
InvestingPro Insights
Amid the news of Herc Holdings Inc. (NYSE:HRI) CEO Lawrence Harris's recent stock sales, investors might be keen to understand the company's financial health and market performance. According to real-time data from InvestingPro, Herc Holdings presents a mix of solid fundamentals and areas for investor consideration.
An InvestingPro Tip highlights that Herc Holdings has raised its dividend for three consecutive years, showcasing a commitment to returning value to shareholders. This is reflected in the company's dividend yield of 1.7% as of the latest data, with a dividend growth over the last twelve months at 5.14%. For investors who prioritize steady income, this could be a reassuring sign.
However, another InvestingPro Tip indicates that 6 analysts have revised their earnings downwards for the upcoming period, suggesting that investors may need to temper their expectations for near-term performance. This is particularly relevant given the company's P/E ratio of 13.06, which is considered high relative to the anticipated earnings growth.
From a market performance perspective, Herc Holdings has experienced a high return over the last year, with a 55.08% price total return, signaling strong investor confidence. Furthermore, the company's stock price is currently at 93.09% of its 52-week high, based on the previous close price of $156.27.
For those looking to delve deeper into Herc Holdings' financial metrics and future outlook, InvestingPro offers additional insights. There are currently more tips available on the platform, providing a comprehensive analysis for informed investment decisions. Interested readers can use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable information to guide their investment strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.