Public Sector Pension Investment Board Buys 150,412 Shares of United Rentals, Inc. $URI

Public Sector Pension Investment Board lifted its position in United Rentals, Inc. (NYSE:URI) by 3,094.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,273 shares of the construction company’s stock after acquiring an additional 150,412 shares during the period. Public Sector Pension Investment Board’s holdings in United Rentals were worth $148,233,000 at the end of the most recent quarter.

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

Insider Buying and Selling at United Rentals

In other United Rentals news, EVP Michael D. Durand sold 2,490 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total value of $1,969,938.60. Following the completion of the sale, the executive vice president owned 7,458 shares in the company, valued at $5,900,322.12. This trade represents a 25.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP William E. Grace sold 1,498 shares of United Rentals stock in a transaction dated Tuesday, February 3rd. The shares were 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 of the company’s stock, valued at approximately $5,434,996.08. This trade represents a 17.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on URI shares. Robert W. Baird set a $970.00 target price on United Rentals in a research note on Friday, January 30th. Truist Financial set a $972.00 price target on United Rentals in a research report on Friday, January 30th. JPMorgan Chase & Co. decreased their price objective on United Rentals from $1,150.00 to $970.00 and set an “overweight” rating for the company in a research report on Friday, January 30th. KeyCorp set a $950.00 target price on United Rentals in a research note on Friday, January 30th. Finally, Citigroup dropped their target price on shares of United Rentals from $1,090.00 to $950.00 and set a “buy” rating on the stock in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has issued 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 a consensus price target of $925.59.

United Rentals Stock Performance

URI opened at $869.72 on Friday. The business’s 50-day simple moving average is $857.02 and its 200 day simple moving average is $889.39. United Rentals, Inc. has a 52-week low of $525.91 and a 52-week high of $1,021.47. 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 market capitalization of $54.79 billion, a PE ratio of 22.48, a PEG ratio of 1.40 and a beta of 1.70.

United Rentals (NYSE:URI) last posted its quarterly earnings results on Wednesday, January 28th. The construction company reported $11.09 earnings per share 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 business earned $11.59 earnings per share. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. 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 announced that its board has initiated a stock repurchase plan on Wednesday, January 28th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

United Rentals Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th will be issued a dividend of $1.97 per share. The ex-dividend date is Wednesday, February 11th. This is a positive change from United Rentals’s previous quarterly dividend of $1.79. This represents a $7.88 dividend on an annualized basis and a yield of 0.9%. United Rentals’s dividend payout ratio is presently 20.37%.

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.