Carl Icahn unloaded some shares of car and truck rental behemoth Hertz Holdings.
On Monday, the billionaire investor’s firm High River Limited Partnership sold 1 million shares of Hertz, while Icahn Partners LP and Icahn Partners Master Fund LP sold 2.52 million shares and roughly 1.48 million shares respectively, according to a Securities and Exchange Commission filing. Following the selling, Icahn has close to 29% stake in Hertz. Around two years ago, Carl Icahn had more than doubled his investment in Hertz, resulting in his ownership of 35.27% of the company.
The selling on Monday follows last week’s release of Hertz’s fourth quarter earnings report, which revealed that the car rental firm incurred an adjusted loss of -$46 million (or -55 cents a share), compared to earnings of $616 million (or $7.42 a share) in the year-ago quarter. Analysts’ expected a loss of -90 cents per share.
Hertz shares declined almost -12% on Tuesday.