Olde Wealth Management LLC Invests $764,000 in United Rentals, Inc. $URI

Olde Wealth Management LLC purchased a new stake in United Rentals, Inc. (NYSE:URI) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 800 shares of the construction company’s stock, valued at approximately $764,000.

A number of other institutional investors have also modified their holdings of the business. Norges Bank bought a new position in United Rentals in the second quarter worth about $776,102,000. JPMorgan Chase & Co. boosted its stake in United Rentals by 71.3% in 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 acquiring an additional 780,322 shares during the period. Capital International Investors grew its holdings in shares of United Rentals by 22.8% during the third quarter. Capital International Investors now owns 3,402,524 shares of the construction company’s stock valued at $3,247,762,000 after purchasing an additional 631,484 shares during the last quarter. Boston Partners raised its position in shares of United Rentals by 74.5% during the 2nd quarter. Boston Partners now owns 715,250 shares of the construction company’s stock worth $542,526,000 after purchasing an additional 305,378 shares during the period. Finally, TD Asset Management Inc raised its position in shares of United Rentals by 66.5% during the 3rd quarter. TD Asset Management Inc now owns 484,450 shares of the construction company’s stock worth $462,485,000 after purchasing an additional 193,416 shares during the period. Institutional investors own 96.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Truist Financial set a $972.00 price objective on United Rentals in a research report on Friday, January 30th. UBS Group raised United Rentals from a “neutral” rating to a “buy” rating and set a $1,025.00 target price on the stock in a research report on Sunday, January 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of United Rentals in a research note on Wednesday, January 21st. Citigroup reduced their price target on shares of United Rentals from $1,090.00 to $950.00 and set a “buy” rating for the company in a report on Monday, February 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of 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. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $925.59.

United Rentals Stock Performance

Shares of URI stock opened at $736.27 on Friday. United Rentals, Inc. has a 12-month low of $525.91 and a 12-month high of $1,021.47. The firm has a market capitalization of $46.39 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 1.19 and a beta of 1.66. The business has a 50 day simple moving average of $867.74 and a 200 day simple moving average of $881.40. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.94 and a quick ratio of 0.88.

United Rentals (NYSE:URI) last announced 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). United Rentals had a net margin of 15.49% and a return on equity of 30.35%. The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm earned $11.59 EPS. The firm’s revenue was up 2.8% on a year-over-year basis. On average, equities research analysts anticipate that United Rentals, Inc. will post 44.8 EPS for the current year.

United Rentals Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were paid a dividend of $1.97 per share. 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 1.1%. The ex-dividend date was Wednesday, February 11th. United Rentals’s dividend payout ratio (DPR) is presently 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 repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the construction company to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, EVP Michael D. Durand sold 2,490 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $791.14, for a total transaction of $1,969,938.60. Following the sale, the executive vice president owned 7,458 shares of the company’s stock, valued at $5,900,322.12. The trade was a 25.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William E. Grace sold 1,498 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $790.89, for a total value 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. This trade represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.53% of the company’s stock.

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.