The Manufacturers Life Insurance Company Makes New $716.13 Million Investment in United Rentals, Inc. $URI

The Manufacturers Life Insurance Company acquired a new stake in shares of United Rentals, Inc. (NYSE:URI) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 632,126 shares of the construction company’s stock, valued at approximately $716,129,000.

Several other large investors have also made changes to their positions in URI. BlackRock Inc. purchased a new position in shares of United Rentals during the second quarter worth $5,816,326,000. Norges Bank purchased a new stake in United Rentals in the fourth quarter valued at $978,017,000. Bank of New York Mellon Corp purchased a new stake in United Rentals in the second quarter valued at $412,860,000. Corient Private Wealth LLC grew its position in United Rentals by 1,667.4% during the 4th quarter. Corient Private Wealth LLC now owns 343,965 shares of the construction company’s stock worth $278,378,000 after purchasing an additional 324,503 shares during the period. Finally, W1M Asset Management Ltd acquired a new stake in United Rentals during the 2nd quarter worth about $337,323,000. 96.26% of the stock is owned by hedge funds and other institutional investors.

United Rentals Price Performance

NYSE:URI opened at $1,083.45 on Tuesday. United Rentals, Inc. has a 52 week low of $701.59 and a 52 week high of $1,179.18. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $67.43 billion, a PE ratio of 26.02, a price-to-earnings-growth ratio of 1.42 and a beta of 1.80. The stock’s 50-day moving average price is $1,099.24 and its 200-day moving average price is $952.76.

United Rentals (NYSE:URI) last announced its quarterly earnings results on Tuesday, July 21st. The construction company reported $12.76 earnings per share for the quarter, beating the consensus estimate of $11.53 by $1.23. The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. United Rentals had a return on equity of 31.72% and a net margin of 15.67%.United Rentals’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.47 EPS. As a group, equities analysts expect that United Rentals, Inc. will post 48.55 EPS for the current fiscal year.

United Rentals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be given a $1.97 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.7%. United Rentals’s payout ratio is 18.92%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Robert W. Baird set a $1,300.00 price objective on United Rentals in a research note on Friday, July 24th. UBS Group upped their target price on United Rentals from $1,300.00 to $1,350.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Raymond James Financial reaffirmed an “outperform” rating and set a $1,275.00 target price on shares of United Rentals in a report on Wednesday, June 10th. JPMorgan Chase & Co. lifted their price target on United Rentals from $1,100.00 to $1,235.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Bank of America boosted their price target on United Rentals from $1,195.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,246.19.

Insider Activity at United Rentals

In other news, EVP William E. Grace sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $1,133.15, for a total transaction of $1,699,725.00. Following the completion of the transaction, the executive vice president directly owned 6,062 shares of the company’s stock, valued at $6,869,155.30. This represents a 19.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.47% of the stock is owned by company insiders.

United Rentals 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.