United Rentals (NYSE:URI) Sets New 52-Week High – Here’s What Happened

United Rentals, Inc. (NYSE:URI)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $1,177.93 and last traded at $1,174.2750, with a volume of 163537 shares trading hands. The stock had previously closed at $1,162.66.

Analyst Ratings Changes

URI has been the topic of a number of research analyst reports. Evercore reissued an “outperform” rating and set a $1,101.00 price objective on shares of United Rentals in a research report on Monday, May 11th. Raymond James Financial restated an “outperform” rating and set a $1,275.00 price target on shares of United Rentals in a research report on Wednesday, June 10th. Truist Financial increased their price objective on United Rentals from $1,421.00 to $1,466.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Wells Fargo & Company lifted their price target on United Rentals from $1,245.00 to $1,355.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded shares of United Rentals from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,246.19.

United Rentals Price Performance

The stock has a market capitalization of $72.52 billion, a PE ratio of 28.00, a PEG ratio of 1.50 and a beta of 1.80. The firm’s 50-day moving average price is $1,082.01 and its 200-day moving average price is $931.50. The company has a current ratio of 0.76, a quick ratio of 0.70 and a debt-to-equity ratio of 1.38.

United Rentals (NYSE:URI) last released its earnings results on Tuesday, July 21st. The construction company reported $12.76 earnings per share for the quarter, topping analysts’ consensus estimates of $11.53 by $1.23. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. United Rentals had a return on equity of 31.72% and a net margin of 15.67%.The business’s revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the firm posted $10.47 earnings per share. On average, equities analysts forecast that United Rentals, Inc. will post 48.55 EPS for the current fiscal year.

United Rentals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be paid a dividend of $1.97 per share. This represents a $7.88 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, August 12th. United Rentals’s payout ratio is 18.92%.

Insider Transactions at United Rentals

In other news, EVP William E. Grace sold 1,500 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $1,133.15, for a total transaction of $1,699,725.00. Following the transaction, the executive vice president directly owned 6,062 shares of the company’s stock, valued at approximately $6,869,155.30. This represents a 19.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On United Rentals

Large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in United Rentals during the 2nd quarter valued at approximately $5,816,326,000. Capital World Investors lifted its position in United Rentals by 1.1% during the 4th quarter. Capital World Investors now owns 2,708,877 shares of the construction company’s stock worth $2,192,357,000 after acquiring an additional 30,263 shares during the period. Franklin Resources Inc. lifted its stake in United Rentals by 2.2% during the 4th quarter. Franklin Resources Inc. now owns 1,343,981 shares of the construction company’s stock valued at $1,087,711,000 after acquiring an additional 28,895 shares during the period. Norges Bank acquired a new position in United Rentals in the fourth quarter valued at approximately $978,017,000. Finally, Bank of America Corp DE boosted its position in United Rentals by 14.7% during the first quarter. Bank of America Corp DE now owns 806,380 shares of the construction company’s stock worth $587,496,000 after purchasing an additional 103,371 shares in the last quarter. Hedge funds and other institutional investors own 96.26% 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.