Hertz Insiders Buy Stocks
Three top insiders at Hertz Global Holdings Inc., including Chairman and CEO Mark Frissora, bought company stock on February 29. Is this a good thing?
Three top insiders at Hertz Global Holdings Inc. snapped up shares on Feb. 29, one week after the rental car provider forecast 2008 profit below Wall Street's expectations and warned that restructuring efforts would result in job cuts, Business Week reports.
Hertz shares recently dropped to $10.43, an all-time low since the company's initial public offering priced at $15 in November 2006.
Chairman and CEO Mark Frissora purchased 25,000 shares, which increased his stake to 1.1 million shares. According to InsiderScore.com, Frissora last bought Hertz shares in August 2007.
In addition, Executive Vice President Joseph Nothwang bought 30,000 shares and Director Barry Beracha bought 20,000 shares.
Most recently within the diversified services industry, insider buying has reached its most bullish levels in more than three years. Analysts say this is a sign that stocks have bottomed out and are on the rise.
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