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.”

GLENVIEW CAPITAL

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.

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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

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
GLENVIEW CAPITAL MANAGEMENT 0 4,364,904 0 4,364,904 4,364,904 5.26%
LARRY ROBBINS 0 4,364,904 0 4,364,904 4,364,904 5.26%
Larry Robbins
Larry Robbins
Glenview Capital

Page 1 of 9 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
HERTZ GLOBAL HOLDINGS, INC.
 (Name of Issuer)
Common Stock, par value $0.01 per share
 (Title of Class of Securities)
42806J106
 (CUSIP Number)
December 16, 2016
 (Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[    ]            Rule 13d-1(b)
[ X ]            Rule 13d-1(c)
[    ]            Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Continued on following pages
Page 1 of 9 Pages
Exhibit Index: Page 7
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