Erste Asset Management GmbH Trims Stake in United Rentals, Inc. $URI

Erste Asset Management GmbH cut its holdings in United Rentals, Inc. (NYSE:URI) by 18.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,584 shares of the construction company’s stock after selling 789 shares during the period. Erste Asset Management GmbH’s holdings in United Rentals were worth $3,383,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in United Rentals by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 7,494,303 shares of the construction company’s stock worth $5,646,208,000 after purchasing an additional 72,267 shares during the period. JPMorgan Chase & Co. grew its holdings in United Rentals by 71.3% during the second quarter. JPMorgan Chase & Co. now owns 1,874,127 shares of the construction company’s stock valued at $1,411,968,000 after purchasing an additional 780,322 shares during the period. Franklin Resources Inc. increased its position in United Rentals by 6.1% in the second quarter. Franklin Resources Inc. now owns 1,231,108 shares of the construction company’s stock worth $927,517,000 after buying an additional 70,870 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of United Rentals by 3.7% in the second quarter. Alliancebernstein L.P. now owns 1,030,232 shares of the construction company’s stock worth $776,177,000 after buying an additional 36,991 shares during the period. Finally, Norges Bank purchased a new position in shares of United Rentals during the 2nd quarter valued at about $776,102,000. Institutional investors own 96.26% of the company’s stock.

Insider Buying and Selling

In other news, EVP William E. Grace sold 1,498 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $790.89, for a total transaction of $1,184,753.22. Following the completion of the transaction, the executive vice president directly owned 6,872 shares in the company, valued at approximately $5,434,996.08. This represents a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael D. Durand sold 2,490 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total transaction of $1,969,938.60. Following the completion of the transaction, the executive vice president directly owned 7,458 shares of the company’s stock, valued at approximately $5,900,322.12. This trade represents a 25.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.53% of the stock is currently owned by corporate insiders.

United Rentals Price Performance

Shares of NYSE:URI opened at $837.85 on Friday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.88 and a current ratio of 0.94. The firm has a fifty day moving average price of $871.81 and a 200 day moving average price of $889.32. United Rentals, Inc. has a fifty-two week low of $525.91 and a fifty-two week high of $1,021.47. The firm has a market cap of $52.78 billion, a price-to-earnings ratio of 21.66, a P/E/G ratio of 1.36 and a beta of 1.70.

United Rentals (NYSE:URI) last announced its quarterly earnings results on Wednesday, January 28th. The construction company reported $11.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.86 by ($0.77). United Rentals had a net margin of 15.49% and a return on equity of 30.35%. The company had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the firm posted $11.59 earnings per share. The business’s revenue was up 2.8% on a year-over-year basis. As a group, sell-side analysts expect that United Rentals, Inc. will post 44.8 earnings per share for the current fiscal year.

United Rentals declared that its Board of Directors has approved a share repurchase program on Wednesday, January 28th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the construction company to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

United Rentals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were given a $1.97 dividend. This is an increase from United Rentals’s previous quarterly dividend of $1.79. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Wednesday, February 11th. United Rentals’s dividend payout ratio (DPR) is presently 20.37%.

Wall Street Analyst Weigh In

URI has been the subject of several analyst reports. Sanford C. Bernstein set a $965.00 target price on shares of United Rentals in a report on Friday, January 30th. JPMorgan Chase & Co. reduced their price objective on shares of United Rentals from $1,150.00 to $970.00 and set an “overweight” rating for the company in a research note on Friday, January 30th. Citigroup decreased their price objective on shares of United Rentals from $1,090.00 to $950.00 and set a “buy” rating on the stock in a research report on Monday, February 2nd. Royal Bank Of Canada dropped their target price on shares of United Rentals from $1,123.00 to $1,041.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Finally, Truist Financial set a $972.00 price target on United Rentals in a research note on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $925.59.

About United Rentals

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.