NEOS Investment Management LLC Raises Stake in United Rentals, Inc. $URI

NEOS Investment Management LLC boosted its stake in shares of United Rentals, Inc. (NYSE:URI) by 21.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,413 shares of the construction company’s stock after buying an additional 966 shares during the quarter. NEOS Investment Management LLC’s holdings in United Rentals were worth $5,168,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Salomon & Ludwin LLC grew its stake in United Rentals by 650.0% in the third quarter. Salomon & Ludwin LLC now owns 30 shares of the construction company’s stock worth $29,000 after purchasing an additional 26 shares in the last quarter. Abich Financial Wealth Management LLC bought a new stake in United Rentals during the 3rd quarter valued at $29,000. Cedar Mountain Advisors LLC purchased a new stake in shares of United Rentals in the 3rd quarter worth $32,000. Loomis Sayles & Co. L P bought a new position in shares of United Rentals during the 2nd quarter worth $28,000. Finally, Steigerwald Gordon & Koch Inc. bought a new position in shares of United Rentals during the 3rd quarter worth $40,000. 96.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on URI. UBS Group upgraded United Rentals from a “neutral” rating to a “buy” rating and set a $1,025.00 price objective for the company in a report on Sunday, January 4th. Truist Financial set a $972.00 price target on shares of United Rentals in a report on Friday, January 30th. Royal Bank Of Canada lowered their price target on shares of United Rentals from $1,123.00 to $1,041.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of United Rentals in a report on Wednesday, January 21st. Finally, Sanford C. Bernstein set a $965.00 price objective on shares of United Rentals in a research note on Friday, January 30th. Two 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 given a Sell rating to the stock. Based on data from MarketBeat, United Rentals has an average rating of “Moderate Buy” and a consensus price target of $925.59.

Insiders Place Their Bets

In related news, EVP William E. Grace sold 1,498 shares of United Rentals stock in a transaction dated 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 sale, the executive vice president owned 6,872 shares of the company’s stock, valued at $5,434,996.08. The trade was a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael D. Durand sold 2,490 shares of the company’s stock in a transaction that occurred 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 approximately $5,900,322.12. This represents a 25.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.53% of the company’s stock.

United Rentals Stock Performance

Shares of United Rentals stock opened at $880.39 on Thursday. The company has a 50 day moving average price of $863.00 and a 200 day moving average price of $889.16. The firm has a market capitalization of $55.46 billion, a P/E ratio of 22.76, a PEG ratio of 1.38 and a beta of 1.70. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.41. United Rentals, Inc. has a 52 week low of $525.91 and a 52 week high of $1,021.47.

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

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 given a $1.97 dividend. This represents a $7.88 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, February 11th. This is a positive change from United Rentals’s previous quarterly dividend of $1.79. United Rentals’s payout ratio is currently 20.37%.

United Rentals declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 28th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the construction company to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.