Hertz Global Holdings Inc (HTZ): Glenview Capital Reduces Stake

Larry Robbins‘ Glenview Capital is scaling down its investment in Hertz Global Holdings, Inc (NYSE:HTZ). According to a recently amended filing with the Securities and Exchange Commission, the fund currently holds 4.36 million shares, down from 6.6 million shares it held at the end of the third quarter. Glenview’s current position amounts to 5.26% of the company’s outstanding stock.

Hertz Global Holdings, Inc (NYSE:HTZ) recently announced the departure of its current CEO, John Tague, who is set to retire at the beginning of January. Mr Tague will be replaced by Kathryn Marinello, a senior adviser at Ares Management, a global asset management company. Billionaire investor Carl Icahn, who is the company’s biggest shareholder through his fund, Icahn Capital, said in a statement that Ms. Marinello has “a consistent track record of successes in consumer and financial services, as well as technology businesses.”

Under pressure from the rise of ride-sharing services, Hertz Global Holdings, Inc (NYSE:HTZ) recently entered into a partnership with Lyft to provide rental vehicles for drivers in certain cities. The company also revised its full-year guidance downward, leaving investors livid. While the consensus among Wall Street analysts was for $2.92 in earnings per share, Hertz said it expects earnings to range between just $0.51 and $0.88 per share.

Hedge fund sentiment towards the company is rather upbeat, with the number of funds invested in it having risen to 43 at the end of September, from 38 recorded a quarter before. At the end of the third quarter, Carl Icahn held 12.9 million Hertz shares worth $519.6 million. Jonathon Jacobson‘s Highfields Capital Management also held a sizable position at the end of the quarter, having reported ownership of 2.4 million shares, though this was down by 63% from the end of June.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Page 1 of 9 – SEC Filing