Bank of America Upgrades United Rentals (URI) to “Buy”
United Rentals (NYSE:URI) was upgraded by stock analysts at Bank of America to a “buy” rating in a research report issued on Tuesday. The firm presently has a $195.00 price target on the construction company’s stock, up from their prior price target of $165.00. Bank of America’s price objective would suggest a potential upside of 15.86% from the company’s previous close.
Several other analysts also recently issued reports on the stock. ValuEngine raised shares of United Rentals from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Jefferies Group reissued a “buy” rating and set a $150.00 price objective on shares of United Rentals in a research note on Tuesday, September 5th. Zacks Investment Research raised shares of United Rentals from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research note on Wednesday, September 20th. Citigroup upped their price objective on shares of United Rentals from $142.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, October 13th. Finally, KeyCorp reissued a “hold” rating on shares of United Rentals in a research note on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $154.18.
Shares of United Rentals (NYSE URI) opened at $168.30 on Tuesday. United Rentals has a fifty-two week low of $100.62 and a fifty-two week high of $170.33. The stock has a market cap of $14,071.52, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.85 and a beta of 2.67. The company has a debt-to-equity ratio of 3.47, a current ratio of 0.92 and a quick ratio of 0.88.
United Rentals declared that its Board of Directors has approved a stock repurchase program on Wednesday, October 18th that authorizes the company to buyback $373.00 million in shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other news, Director Filippo Passerini sold 3,308 shares of the stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $143.24, for a total value of $473,837.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Kneeland sold 30,000 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $144.72, for a total transaction of $4,341,600.00. Following the completion of the sale, the insider now directly owns 272,292 shares of the company’s stock, valued at approximately $39,406,098.24. The disclosure for this sale can be found here. Insiders have sold 91,760 shares of company stock valued at $13,873,111 in the last ninety days. 1.20% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in URI. State Street Corp increased its position in shares of United Rentals by 15.0% in the second quarter. State Street Corp now owns 5,843,162 shares of the construction company’s stock worth $658,586,000 after acquiring an additional 763,469 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of United Rentals by 320.7% in the second quarter. Neuberger Berman Group LLC now owns 760,094 shares of the construction company’s stock valued at $85,670,000 after purchasing an additional 579,400 shares during the period. Janus Henderson Group PLC boosted its stake in shares of United Rentals by 4,154.0% in the second quarter. Janus Henderson Group PLC now owns 552,510 shares of the construction company’s stock valued at $62,273,000 after purchasing an additional 539,522 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of United Rentals by 282.4% in the second quarter. PNC Financial Services Group Inc. now owns 570,236 shares of the construction company’s stock valued at $64,272,000 after purchasing an additional 421,101 shares during the period. Finally, AJO LP boosted its stake in shares of United Rentals by 538.2% in the second quarter. AJO LP now owns 488,758 shares of the construction company’s stock valued at $55,088,000 after purchasing an additional 412,176 shares during the period. 91.37% of the stock is owned by institutional investors.
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About United Rentals
United Rentals, Inc is a holding company. The Company is an equipment rental company, which operates throughout the United States and Canada. It operates through two segments: general rentals, and trench, power and pump. The general rentals segment includes the rental of construction, aerial, industrial and homeowner equipment and related services and activities.
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