BONITA SPRINGS, FL—Sheek Samuel Wade, Senior Vice President and Chief Legal Officer of Herc Holdings Inc. (NYSE:HRI), has sold 5,000 shares of the company's common stock. The transaction, which took place on October 29, 2024, was executed at a weighted average price of $213.12 per share, totaling approximately $1.07 million.
Following the sale, Wade retains direct ownership of 21,586 shares in the equipment rental and leasing services company. According to the filing, the shares were sold in a series of transactions with prices ranging from $213.00 to $213.38 per share.
Herc Holdings, headquartered in Bonita Springs, Florida, continues to be a significant player in the miscellaneous equipment rental and leasing industry.
In other recent news, Herc Holdings reported record third-quarter revenue of $965 million, a 6% year-over-year increase. Despite this, the company fell short of earnings per share estimates with an adjusted EPS of $4.35, below the expected $4.55. The equipment rental segment, a significant revenue contributor, saw a 13% increase to $866 million compared to the same period last year.
Baird maintained a Neutral rating on Herc Holdings and increased the price target from $165.00 to $267.00, following the company's earnings report. The firm added a 'Fresh Pick' designation to Herc Holdings, suggesting potential valuation growth. BofA Securities also adjusted its outlook on Herc Holdings, raising the price target to $150 from $125, while maintaining an Underperform rating.
Herc Holdings has updated its 2024 guidance, now forecasting revenue growth between 9.5% and 11%, up from the previously estimated 7% to 10%. This outlook is partly due to the company's aggressive mergers and acquisitions strategy, which has seen $567 million in expenditures to date. Despite these developments, the company's adjusted EBITDA forecast for 2024 remains at $1.55 billion to $1.6 billion. These are the recent developments impacting Herc Holdings Inc.
InvestingPro Insights
The recent stock sale by Sheek Samuel Wade comes at a time when Herc Holdings (NYSE:HRI) is experiencing significant market momentum. According to InvestingPro data, HRI's stock has shown remarkable performance, with a 107.42% total return over the past year and a 34.52% return in the last month alone. This strong performance aligns with the InvestingPro Tip indicating that the stock is trading near its 52-week high, with the current price at 98.61% of that peak.
The company's financial health appears robust, with a market capitalization of $6.01 billion and a revenue of $3.45 billion over the last twelve months as of Q3 2024. HRI's profitability is also noteworthy, as highlighted by an InvestingPro Tip stating that the company has been profitable over the last twelve months, with a P/E ratio of 17.23.
Investors should note that HRI has raised its dividend for three consecutive years, as pointed out by another InvestingPro Tip. This consistent dividend growth, coupled with a current dividend yield of 1.24%, may be attractive to income-focused investors.
For those interested in a more comprehensive analysis, InvestingPro offers 14 additional tips for Herc Holdings, providing deeper insights into the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.