Hertz Global Holdings, Inc. (NYSE:HTZ) was in 68 hedge funds’ portfolio at the end of the first quarter of 2013. HTZ has experienced an increase in hedge fund interest in recent months. There were 57 hedge funds in our database with HTZ holdings at the end of the previous quarter.
In today’s marketplace, there are many indicators market participants can use to track Mr. Market. Two of the most innovative are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the top hedge fund managers can trounce the S&P 500 by a superb margin (see just how much).
Equally as beneficial, positive insider trading activity is another way to break down the investments you’re interested in. There are many incentives for a bullish insider to get rid of shares of his or her company, but only one, very clear reason why they would behave bullishly. Various academic studies have demonstrated the useful potential of this method if “monkeys” understand where to look (learn more here).
Now, it’s important to take a look at the recent action regarding Hertz Global Holdings, Inc. (NYSE:HTZ).
What have hedge funds been doing with Hertz Global Holdings, Inc. (NYSE:HTZ)?
Heading into Q2, a total of 68 of the hedge funds we track were long in this stock, a change of 19% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their stakes significantly.
When looking at the hedgies we track, York Capital Management, managed by James Dinan, holds the most valuable position in Hertz Global Holdings, Inc. (NYSE:HTZ). York Capital Management has a $242.6 million position in the stock, comprising 5.3% of its 13F portfolio. Sitting at the No. 2 spot is Glenn Russell Dubin of Highbridge Capital Management, with a $200.2 million position; the fund has 2.3% of its 13F portfolio invested in the stock. Remaining hedgies that are bullish include Donald Chiboucis’s Columbus Circle Investors, Rob Citrone’s Discovery Capital Management and Jeffrey Tannenbaum’s Fir Tree.
As industrywide interest jumped, key hedge funds have jumped into Hertz Global Holdings, Inc. (NYSE:HTZ) headfirst. Capital Growth Management, managed by Ken Heebner, initiated the most valuable position in Hertz Global Holdings, Inc. (NYSE:HTZ). Capital Growth Management had 108.4 million invested in the company at the end of the quarter. Kevin D. Eng’s Columbus Hill Capital Management also initiated a $46.5 million position during the quarter. The other funds with new positions in the stock are Christopher Medlock James’s Partner Fund Management, Robert B. Gillam’s McKinley Capital Management, and Larry Foley and Paul Farrell’s Bronson Point Partners.
How are insiders trading Hertz Global Holdings, Inc. (NYSE:HTZ)?
Insider buying is particularly usable when the company in focus has seen transactions within the past six months. Over the last 180-day time period, Hertz Global Holdings, Inc. (NYSE:HTZ) has experienced 1 unique insiders purchasing, and 18 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Hertz Global Holdings, Inc. (NYSE:HTZ). These stocks are Avis Budget Group Inc. (NASDAQ:CAR), Ryder System, Inc. (NYSE:R), AMERCO (NASDAQ:UHAL), United Rentals, Inc. (NYSE:URI), and SBA Communications Corporation (NASDAQ:SBAC). All of these stocks are in the rental & leasing services industry and their market caps are similar to HTZ’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Avis Budget Group Inc. (NASDAQ:CAR) | 33 | 0 | 9 |
| Ryder System, Inc. (NYSE:R) | 24 | 0 | 10 |
| AMERCO (NASDAQ:UHAL) | 13 | 0 | 1 |
| United Rentals, Inc. (NYSE:URI) | 50 | 0 | 8 |
| SBA Communications Corporation (NASDAQ:SBAC) | 37 | 0 | 7 |
With the returns exhibited by our time-tested strategies, everyday investors must always watch hedge fund and insider trading sentiment, and Hertz Global Holdings, Inc. (NYSE:HTZ) applies perfectly to this mantra.
