Glenview Capital Raises Hertz Stake ~ market folly

Tuesday, September 8, 2015

Glenview Capital Raises Hertz Stake

Larry Robbins' hedge fund firm Glenview Capital has filed a 13G with the SEC regarding its position in Hertz (HTZ).  According to the filing, Glenview now owns 5.2% of the company with over 23.74 million shares.

This is up from the 17.6 million shares Glenview owned at the end of the second quarter.  The latest filing was made due to activity on August 25th.

We've highlighted other recent portfolio activity from Glenview here.

Hertz is also a position in activist Carl Icahn's portfolio as he has representation on the board as well.  The company's shares have been under pressure over the past year as they had to restate various financials in addition to worries about the ability to raise prices and potential competition from services like Uber.  HTZ also has a potential catalyst coming up with the spin-off of its equipment rental business.

Per Google Finance, Hertz "operates car rental business through its Hertz, Dollar, Thrifty and Firefly brands. The Company's operating segments are U.S. Car Rental, International Car Rental, Worldwide Equipment Rental and All Other Operations."

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