Harvey Capital Management Inc. Lowers Stake in United Rentals, Inc. $URI

Harvey Capital Management Inc. decreased its holdings in United Rentals, Inc. (NYSE:URI) by 14.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,798 shares of the construction company’s stock after selling 2,276 shares during the quarter. United Rentals accounts for about 2.8% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 7th largest position. Harvey Capital Management Inc.’s holdings in United Rentals were worth $13,172,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Loomis Sayles & Co. L P purchased a new position in shares of United Rentals during the 2nd quarter worth $28,000. Salomon & Ludwin LLC lifted its position in United Rentals by 650.0% during the third quarter. Salomon & Ludwin LLC now owns 30 shares of the construction company’s stock valued at $29,000 after purchasing an additional 26 shares in the last quarter. Cedar Mountain Advisors LLC bought a new stake in United Rentals during the third quarter valued at about $32,000. Trust Co. of Toledo NA OH bought a new stake in United Rentals during the second quarter valued at about $38,000. Finally, Steigerwald Gordon & Koch Inc. purchased a new stake in United Rentals in the third quarter worth about $40,000. 96.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada set a $1,123.00 price objective on United Rentals in a research report on Friday, October 24th. Truist Financial lowered their price target on shares of United Rentals from $1,169.00 to $1,045.00 and set a “buy” rating on the stock in a report on Thursday, December 18th. Robert W. Baird raised shares of United Rentals from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $888.00 to $1,050.00 in a research note on Wednesday, October 1st. Weiss Ratings restated a “hold (c+)” rating on shares of United Rentals in a research report on Wednesday. Finally, KeyCorp restated an “overweight” rating on shares of United Rentals in a research note on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $970.76.

United Rentals Stock Down 4.1%

URI opened at $917.28 on Monday. The company has a market capitalization of $58.37 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 1.91 and a beta of 1.69. The firm has a 50-day simple moving average of $843.26 and a two-hundred day simple moving average of $886.80. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.40. United Rentals, Inc. has a 52 week low of $525.91 and a 52 week high of $1,021.47.

United Rentals 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.