Norges Bank Acquires New Position in United Rentals, Inc. $URI

Norges Bank purchased a new position in shares of United Rentals, Inc. (NYSE:URI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,208,443 shares of the construction company’s stock, valued at approximately $978,017,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. grew its holdings in United Rentals by 73.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 5,740 shares of the construction company’s stock worth $5,533,000 after acquiring an additional 2,428 shares in the last quarter. National Pension Service grew its holdings in United Rentals by 4.5% during the 3rd quarter. National Pension Service now owns 103,146 shares of the construction company’s stock worth $98,469,000 after acquiring an additional 4,415 shares in the last quarter. Beacon Investment Advisory Services Inc. grew its holdings in United Rentals by 1,358.7% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 8,227 shares of the construction company’s stock worth $6,658,000 after acquiring an additional 7,663 shares in the last quarter. Independent Advisor Alliance lifted its position in shares of United Rentals by 11.6% during the 3rd quarter. Independent Advisor Alliance now owns 9,108 shares of the construction company’s stock worth $8,695,000 after buying an additional 947 shares during the last quarter. Finally, Roman Butler Fullerton & Co. lifted its position in shares of United Rentals by 70.7% during the 3rd quarter. Roman Butler Fullerton & Co. now owns 1,707 shares of the construction company’s stock worth $1,486,000 after buying an additional 707 shares during the last quarter. Institutional investors and hedge funds own 96.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on URI. Truist Financial set a $1,209.00 price objective on shares of United Rentals in a research report on Friday, April 24th. Morgan Stanley restated an “overweight” rating and set a $1,030.00 price objective on shares of United Rentals in a research report on Friday, April 24th. JPMorgan Chase & Co. boosted their price objective on shares of United Rentals from $850.00 to $1,050.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Sanford C. Bernstein set a $903.00 price objective on shares of United Rentals and gave the stock an “outperform” rating in a research report on Thursday, April 9th. Finally, Evercore restated an “outperform” rating and set a $1,101.00 price objective on shares of United Rentals in a research report on Monday, May 11th. Twelve analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,006.13.

Insider Buying and Selling at United Rentals

In related news, CEO Matthew John Flannery sold 22,768 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $984.98, for a total value of $22,426,024.64. Following the sale, the chief executive officer directly owned 99,980 shares of the company’s stock, valued at approximately $98,478,300.40. This represents a 18.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Craig Adam Pintoff sold 2,466 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $963.00, for a total transaction of $2,374,758.00. Following the completion of the sale, the executive vice president directly owned 14,774 shares in the company, valued at approximately $14,227,362. The trade was a 14.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 26,088 shares of company stock valued at $25,628,877 in the last quarter. Insiders own 0.47% of the company’s stock.

United Rentals Stock Performance

NYSE:URI opened at $996.99 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. United Rentals, Inc. has a fifty-two week low of $681.98 and a fifty-two week high of $1,021.47. The stock has a market cap of $62.46 billion, a PE ratio of 25.43, a price-to-earnings-growth ratio of 1.58 and a beta of 1.83. The firm’s fifty day simple moving average is $854.91 and its 200-day simple moving average is $845.69.

United Rentals (NYSE:URI) last posted its quarterly earnings results on Wednesday, April 22nd. The construction company reported $9.71 earnings per share for the quarter, missing analysts’ consensus estimates of $11.47 by ($1.76). United Rentals had a return on equity of 30.56% and a net margin of 15.32%.The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.20 billion. During the same period last year, the company earned $8.86 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Analysts expect that United Rentals, Inc. will post 47.07 earnings per share for the current fiscal year.

United Rentals Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Wednesday, May 13th were paid a $1.97 dividend. This represents a $7.88 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, May 13th. United Rentals’s dividend payout ratio is presently 20.10%.

United Rentals Company Profile

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.