Victory Capital Management Inc. Acquires 169,774 Shares of United Rentals, Inc. (URI)
Victory Capital Management Inc. lifted its position in shares of United Rentals, Inc. (NYSE:URI) by 42.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 565,560 shares of the construction company’s stock after purchasing an additional 169,774 shares during the period. Victory Capital Management Inc. owned 0.67% of United Rentals worth $78,466,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aviva PLC raised its position in United Rentals by 4.5% in the second quarter. Aviva PLC now owns 49,326 shares of the construction company’s stock worth $5,560,000 after acquiring an additional 2,140 shares during the period. Atwood & Palmer Inc. purchased a new position in shares of United Rentals in the second quarter worth about $6,195,000. American Century Companies Inc. increased its stake in shares of United Rentals by 111.5% in the second quarter. American Century Companies Inc. now owns 630,058 shares of the construction company’s stock worth $71,014,000 after purchasing an additional 332,211 shares in the last quarter. 1060 Capital LLC purchased a new position in United Rentals during the second quarter valued at approximately $29,797,000. Finally, CNA Financial Corp purchased a new position in United Rentals during the second quarter valued at approximately $3,043,000. 93.28% of the stock is currently owned by institutional investors.
In related news, CFO William B. Plummer sold 5,301 shares of United Rentals stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $128.26, for a total value of $679,906.26. Following the sale, the chief financial officer now directly owns 38,055 shares in the company, valued at $4,880,934.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Filippo Passerini sold 3,308 shares of United Rentals stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $143.24, for a total value of $473,837.92. The disclosure for this sale can be found here. Insiders sold a total of 43,109 shares of company stock worth $6,143,119 over the last quarter. Company insiders own 1.20% of the company’s stock.
A number of equities analysts have commented on URI shares. Axiom Securities reissued a “sell” rating on shares of United Rentals in a research note on Thursday, July 13th. BidaskClub lowered shares of United Rentals from a “strong-buy” rating to a “buy” rating in a report on Friday, August 4th. Jefferies Group LLC upped their price target on shares of United Rentals from $150.00 to $165.00 and gave the company a “buy” rating in a report on Monday, October 16th. Stifel Nicolaus raised shares of United Rentals from a “hold” rating to a “buy” rating and set a $133.00 price objective on the stock in a research report on Friday, August 18th. Finally, UBS AG reissued a “neutral” rating and set a $125.00 price objective on shares of United Rentals in a research report on Sunday, August 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $144.97.
United Rentals (NYSE:URI) last issued its earnings results on Wednesday, October 18th. The construction company reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.98 by $0.27. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.72 billion. United Rentals had a return on equity of 44.81% and a net margin of 9.64%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the company earned $2.58 EPS.
United Rentals announced that its Board of Directors has approved a share buyback plan on Wednesday, October 18th that allows the company to repurchase $373.00 million in shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
United Rentals Company Profile
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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