HTZ Stock Pops 7% on $2 Billion Stock Repurchase Plan

InvestorPlace2022-06-15

Hertz(HTZ) stock is gaining today on share repurchase news.The Board has approved a $2 billion stock buyback plan.The has its total repurchase amount sitting at $2.2 billion.Hertz(NASDAQ:HTZ) stock is...

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Comments

Josh87
2022-06-16
Josh87
👌
HolyTiger
2022-06-16
HolyTiger
Great analysis
nsk
2022-06-15
nsk
Cool

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This is in addition to its other $2 billion share repurchase plan from November 2021. It’s worth mentioning that the November plan only has $200 million remaining.A new stock repurchase plan shows investors that Hertz is confident in its business. This comes after it bought 88 million shares of HTZ stock through the other share repurchase plan.Hertz said that it will repurchase shares at the discretion of management. It will dos o through open-market transactions, privately negotiated transactions, accelerated share repurchases, and other approved methods.Stephen Scherr, CEO of Hertz, said the following in the share repurchase announcement.“We remain committed to our capital allocation strategy that utilizes organic cash flows and appropriate leverage to invest in technology, modernize our fleet, and return capital to shareholders.”It’s worth noting that the share buyback plan makes up a hefty portion of the company’s market capitalization. It’s roughly a fourth of the $7.6 billion market cap the car rental company has today.HTZ stock is up 7.2% as of Wednesday morning. 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