Insider sentiment continues to improve, and with remarkable consistency, notes Stephen Biggar of Argus Research; here, the service reviews a car rental firm that has seen buying from Carl Icahn.

Insiders at Hertz Global Holdings (HTZ) have been snapping up shares. A recent spin-off separated the existing car rental and equipment rental businesses — and Carl Icahn purchased a total of 16,325,273 HTZ shares between November 8th and 10th.

Fundamentals for HTZ also seem to be attractive as the current P/E is 16.6 compared to a peer average of 24.

The price to book ratio is 1.5 compared to the peer average of 2.2; the price to sales ratio is 0.4 compared to the peer average of 1.6; and the price to cash flow ratio is 1.4, well below the peer average.

The HTZ shares have fallen significantly since the spin-off. The consensus target price is $34, implying a potential return of over 20%.

Among the analysts covering, HTZ four have a Buy or equivalent rating; five have a Hold or equivalent; and one has a Sell or equivalent.

The company reported net income of $134 million or $1.58 per diluted share, compared with net income of $182 million, or $2.00 per diluted share in 3Q15. Total revenue for the third quarter of 2016 was $2.5 billion, a 1% decline versus the third quarter 2015.

Income from continuing operations before income taxes for the third quarter 2016 was $108 million versus $256 million in the same period last year.

Adjusted corporate earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter 2016 were $329 million versus $430 million in the same period last year.

The company repurchased 2 million shares for approximately $100 million, leaving approximately $295 million remaining under its existing repurchase plan.

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By Stephen Biggar of Argus Research