Hertz, like its competitors, is facing new challenges within the industry as the rise of car-sharing operations, such as Uber, continues to pressure the rental industry. As a result of these across the board changes, Hertz Global Holdings Inc (NYSE:HTZ) was able to boldly look back into its operations and clean up past errors. The company reported $0.19 EPS for the quarter, meeting the analysts’ consensus estimate of $0.19, Market Beat Ratings reports.
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Analysts expected Hertz to report a profit of 22 cents per share, according to Zacks Investment Research. 11,022,244 shares of the stock traded hands. Deutsche Bank restated a “buy” rating and issued a $27.00 price objective (up previously from $24.00) on shares of Hertz Global Holdings in a research report on Tuesday, July 21st.
Tague’s comments today, followed by a question-and-answer session with stock analysts, followed Monday’s release by Hertz of a downbeat financial statement with the Securities and Exchange Commission. Morgan Stanley cut their price objective on Hertz Global Holdings from $16.00 to $15.00 and set a “weight” rating for the company in a research report on Thursday, July 23rd. The stock’s market capitalization is $7.86 billion. Hertz Global Holdings presently has an average rating of “Hold” and a consensus price target of $24.43. Some of the operational tightening executed by the new management team included the forced dumping of its “aging fleet”, cutting down non-performing rental offices across various airports of U.S and going in for deep cost cutting measures.
On valuation measures, Hertz Global shares have a T-12 price/sales ratio of 0.68 and a price/book for the same period of 3.19. In terms of share statistics, HTZ has a total of 459.02 million shares outstanding with 1.82% held by insiders and 94.10% held by institutions.
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Additionally, global vehicle rentals were also lower due to the impact of foreign currency, the company noted.
