United Rentals (NYSE:URI) Issues Earnings Results, Beats Expectations By $1.23 EPS

United Rentals (NYSE:URI) announced its quarterly earnings data on Wednesday. The construction company reported $12.76 earnings per share for the quarter, beating analysts’ consensus estimates of $11.53 by $1.23, FiscalAI reports. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. United Rentals had a net margin of 15.32% and a return on equity of 30.56%.

United Rentals Stock Up 2.0%

Shares of URI traded up $20.74 during mid-day trading on Wednesday, hitting $1,034.28. The company’s stock had a trading volume of 677,668 shares, compared to its average volume of 597,548. The company has a current ratio of 0.80, a quick ratio of 0.74 and a debt-to-equity ratio of 1.37. The company’s 50-day moving average is $1,043.86 and its 200-day moving average is $913.86. United Rentals has a 52-week low of $701.59 and a 52-week high of $1,143.69. The firm has a market capitalization of $64.79 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.62 and a beta of 1.79.

Insider Buying and Selling

In related news, VP Andrew B. Limoges sold 548 shares of the company’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $977.86, for a total transaction of $535,867.28. Following the completion of the sale, the vice president directly owned 1,865 shares in the company, valued at $1,823,708.90. This represents a 22.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Matthew John Flannery sold 22,768 shares of the firm’s 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 in the company, valued at approximately $98,478,300.40. The trade was a 18.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,088 shares of company stock worth $25,628,877 in the last three months. Corporate insiders own 0.47% of the company’s stock.

Institutional Trading of United Rentals

Several hedge funds have recently modified their holdings of URI. Boston Partners raised its stake in shares of United Rentals by 4.1% during the 3rd quarter. Boston Partners now owns 744,672 shares of the construction company’s stock worth $712,228,000 after acquiring an additional 29,422 shares in the last quarter. Invesco Ltd. boosted its stake in United Rentals by 0.9% in the third quarter. Invesco Ltd. now owns 649,608 shares of the construction company’s stock valued at $620,155,000 after acquiring an additional 5,497 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in United Rentals by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 491,145 shares of the construction company’s stock worth $397,493,000 after purchasing an additional 8,042 shares during the last quarter. Amundi increased its position in shares of United Rentals by 19.2% during the fourth quarter. Amundi now owns 376,795 shares of the construction company’s stock worth $304,948,000 after purchasing an additional 60,771 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of United Rentals by 0.6% during the fourth quarter. Wells Fargo & Company MN now owns 287,645 shares of the construction company’s stock worth $232,797,000 after purchasing an additional 1,609 shares in the last quarter. 96.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on URI. JPMorgan Chase & Co. raised their target price on shares of United Rentals from $1,050.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Robert W. Baird boosted their price target on United Rentals from $970.00 to $1,100.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Bank of America increased their price objective on United Rentals from $1,020.00 to $1,195.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Truist Financial raised their price objective on United Rentals from $1,209.00 to $1,421.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, Evercore reaffirmed an “outperform” rating and set a $1,101.00 target price on shares of United Rentals in a research report on Monday, May 11th. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,140.00.

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.