351,537 Shares of Sunbelt Rentals Holdings, Inc. Common Stock $SUNB Purchased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management acquired 351,537 Sunbelt Rentals shares worth approximately $26.3 million, joining several other institutions that initiated positions during the second quarter.
• Sunbelt reported quarterly EPS of $1.18, beating estimates by $0.19, while revenue rose 11.2% year over year to $3.12 billion.
• The company cut its quarterly dividend to $0.30 per share from $0.75, resulting in a $1.20 annualized payout and a 1.6% yield. Analysts’ consensus rating remains Hold, with an average price target of $87.33.

Envestnet Asset Management Inc. acquired a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 351,537 shares of the company's stock, valued at approximately $26,298,000. Envestnet Asset Management Inc. owned about 0.09% of Sunbelt Rentals Holdings, Inc. Common Stock as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUNB. Andra AP fonden acquired a new stake in shares of Sunbelt Rentals Holdings, Inc. Common Stock in the 2nd quarter valued at $6,052,000. State Street Corp acquired a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter valued at $440,999,000. The Manufacturers Life Insurance Company bought a new position in Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at about $11,553,000. Sequoia Financial Advisors LLC bought a new position in Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at about $5,133,000. Finally, Tidal Investments LLC acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter worth about $16,151,000.

Insiders Place Their Bets

In other Sunbelt Rentals Holdings, Inc. Common Stock news, COO John Washburn sold 3,351 shares of Sunbelt Rentals Holdings, Inc. Common Stock stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $70.00, for a total value of $234,570.00. Following the transaction, the chief operating officer owned 72,394 shares of the company's stock, valued at approximately $5,067,580. The trade was a 4.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.16% of the company's stock.

Sunbelt Rentals Holdings, Inc. Common Stock Price Performance

Shares of SUNB stock opened at $74.91 on Tuesday. The firm has a fifty day moving average of $74.91 and a 200-day moving average of $74.03. The company has a quick ratio of 0.87, a current ratio of 0.94 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $30.70 billion and a price-to-earnings ratio of 39.01. Sunbelt Rentals Holdings, Inc. Common Stock has a 12-month low of $61.03 and a 12-month high of $86.68.

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Get Free Report) last posted its earnings results on Wednesday, September 9th. The company reported $1.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.19. The business had revenue of $3.12 billion during the quarter. The firm's revenue was up 11.2% compared to the same quarter last year. On average, equities research analysts forecast that Sunbelt Rentals Holdings, Inc. Common Stock will post 4.21 earnings per share for the current year.

Sunbelt Rentals Holdings, Inc. Common Stock Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Friday, September 18th will be issued a dividend of $0.30 per share. This is a decrease from Sunbelt Rentals Holdings, Inc. Common Stock's previous quarterly dividend of $0.75. The ex-dividend date is Friday, September 18th. This represents a $1.20 annualized dividend and a yield of 1.6%. Sunbelt Rentals Holdings, Inc. Common Stock's dividend payout ratio is 62.50%.

Analyst Ratings Changes

Several analysts have weighed in on SUNB shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $80.00 price objective on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a report on Thursday, September 17th. Bank of America lifted their price target on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $62.00 to $71.00 and gave the stock an "underperform" rating in a research report on Thursday, September 10th. Morgan Stanley reissued an "overweight" rating on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research note on Monday, September 21st. KeyCorp increased their price objective on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $85.00 to $90.00 and gave the company an "overweight" rating in a report on Thursday, September 10th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research note on Tuesday, June 30th. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sunbelt Rentals Holdings, Inc. Common Stock currently has a consensus rating of "Hold" and a consensus price target of $87.33.

About Sunbelt Rentals Holdings, Inc. Common Stock

Sunbelt Rentals Holdings, Inc is an equipment rental company that provides tools, machinery and related services to construction, industrial, commercial, infrastructure, government and residential customers. Its rental fleet includes aerial work platforms, earthmoving and material-handling equipment, general tools, power-generation equipment, pumps, heating and cooling systems, and temporary structures.

The company also provides specialized solutions such as trench safety, climate control, event equipment, traffic management and temporary power.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.