Fisher Asset Management LLC Raises Position in United Rentals, Inc. $URI

Fisher Asset Management LLC lifted its position in United Rentals, Inc. (NYSE:URI) by 8.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,714 shares of the construction company’s stock after acquiring an additional 4,505 shares during the period. Fisher Asset Management LLC owned 0.10% of United Rentals worth $57,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of URI. Norges Bank acquired a new position in United Rentals during the second quarter worth $776,102,000. JPMorgan Chase & Co. raised its position 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 purchasing an additional 780,322 shares during the period. Boston Partners raised its holdings in United Rentals by 74.5% in the 2nd quarter. Boston Partners now owns 715,250 shares of the construction company’s stock valued at $542,526,000 after buying an additional 305,378 shares during the period. TD Asset Management Inc lifted its holdings in shares of United Rentals by 66.5% in the 3rd quarter. TD Asset Management Inc now owns 484,450 shares of the construction company’s stock worth $462,485,000 after acquiring an additional 193,416 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in United Rentals by 34,208.2% during the second quarter. Lazard Asset Management LLC now owns 189,038 shares of the construction company’s stock worth $142,421,000 after purchasing an additional 188,487 shares in the last quarter. Institutional investors and hedge funds own 96.26% of the company’s stock.

United Rentals Price Performance

Shares of URI opened at $834.70 on Wednesday. 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, Inc. has a 1-year low of $525.91 and a 1-year high of $1,021.47. The stock has a market cap of $52.59 billion, a PE ratio of 21.58, a price-to-earnings-growth ratio of 1.33 and a beta of 1.66. The firm has a fifty day moving average price of $872.23 and a 200 day moving average price of $887.77.

United Rentals (NYSE:URI) last posted its earnings results on Wednesday, January 28th. The construction company reported $11.09 EPS for the quarter, missing analysts’ consensus estimates of $11.86 by ($0.77). The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.24 billion. United Rentals had a return on equity of 30.35% and a net margin of 15.49%.The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $11.59 EPS. As a group, sell-side analysts anticipate that United Rentals, Inc. will post 44.8 EPS for the current year.

United Rentals Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Wednesday, February 11th were issued a $1.97 dividend. The ex-dividend date of this dividend was Wednesday, February 11th. This is an increase from United Rentals’s previous quarterly dividend of $1.79. This represents a $7.88 annualized dividend and a dividend yield of 0.9%. United Rentals’s dividend payout ratio is currently 20.37%.

United Rentals declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 28th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on URI shares. Truist Financial set a $972.00 price target on shares of United Rentals in a research note on Friday, January 30th. Citigroup cut their target price on shares of United Rentals from $1,090.00 to $950.00 and set a “buy” rating on the stock in a research note on Monday, February 2nd. Sanford C. Bernstein set a $965.00 price target on shares of United Rentals in a research note on Friday, January 30th. 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 report on Friday, January 30th. Finally, KeyCorp set a $950.00 price objective on shares of United Rentals in a report on Friday, January 30th. Two 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $925.59.

Insider Buying and Selling

In related news, EVP Michael D. Durand sold 2,490 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total transaction of $1,969,938.60. Following the completion of the sale, the executive vice president owned 7,458 shares in the company, valued at $5,900,322.12. This represents a 25.03% decrease in their position. 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 United Rentals stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $790.89, for a total transaction of $1,184,753.22. Following the completion of the transaction, the executive vice president owned 6,872 shares in the company, valued at approximately $5,434,996.08. This represents a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.51% of the company’s stock.

United Rentals Company Profile

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.