Avantax Advisory Services Inc. lifted its stake in United Rentals, Inc. (NYSE:URI – Get Rating) by 16.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,093 shares of the construction company’s stock after buying an additional 435 shares during the quarter. Avantax Advisory Services Inc.’s holdings in United Rentals were worth $835,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of URI. Royal Bank of Canada grew its position in United Rentals by 49.1% in the first quarter. Royal Bank of Canada now owns 672,534 shares of the construction company’s stock worth $238,890,000 after acquiring an additional 221,613 shares during the period. Vanguard Group Inc. increased its position in shares of United Rentals by 2.3% during the first quarter. Vanguard Group Inc. now owns 8,179,328 shares of the construction company’s stock worth $2,905,379,000 after purchasing an additional 186,931 shares in the last quarter. Amundi increased its position in shares of United Rentals by 60.7% during the second quarter. Amundi now owns 388,233 shares of the construction company’s stock worth $96,487,000 after purchasing an additional 146,657 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of United Rentals by 67.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 361,084 shares of the construction company’s stock worth $87,711,000 after buying an additional 145,843 shares during the last quarter. Finally, Fiera Capital Corp purchased a new position in shares of United Rentals during the second quarter worth about $32,188,000. Hedge funds and other institutional investors own 89.65% of the company’s stock.
United Rentals Price Performance
Shares of NYSE URI opened at $383.67 on Friday. The firm has a market capitalization of $26.59 billion, a P/E ratio of 14.10, a P/E/G ratio of 0.56 and a beta of 1.81. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 1.54. The stock’s 50-day simple moving average is $361.41 and its two-hundred day simple moving average is $318.27. United Rentals, Inc. has a twelve month low of $230.54 and a twelve month high of $394.40.
United Rentals declared that its board has authorized a share buyback plan on Wednesday, October 26th that authorizes the company to buyback $1.25 billion in shares. This buyback authorization authorizes the construction company to reacquire up to 5.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Insider Activity at United Rentals
In other news, Director Jose B. Alvarez bought 177 shares of the firm’s stock in a transaction dated Friday, November 18th. The stock was purchased at an average price of $344.65 per share, with a total value of $61,003.05. Following the transaction, the director now owns 10,660 shares of the company’s stock, valued at $3,673,969. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on URI. Morgan Stanley boosted their target price on shares of United Rentals from $320.00 to $404.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 14th. Citigroup boosted their price objective on shares of United Rentals to $415.00 in a report on Wednesday, December 14th. Stifel Nicolaus boosted their price objective on shares of United Rentals from $425.00 to $450.00 and gave the company a “buy” rating in a report on Monday, December 19th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of United Rentals from $354.00 to $328.00 and set a “hold” rating for the company in a report on Thursday, October 13th. Finally, Wells Fargo & Company upped their price target on shares of United Rentals from $435.00 to $440.00 and gave the company an “overweight” rating in a report on Tuesday, January 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, United Rentals currently has an average rating of “Hold” and a consensus price target of $394.10.
United Rentals Profile
United Rentals, Inc engages in the equipment rental business. The company rents equipment to construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities. It operates through the General Rentals and Specialty segments. The General Rentals segment includes the rental of general construction and industrial equipment, earthmoving equipment, material handling equipment, aerial work platforms, and general tools and light equipment.
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