Allspring Global Investments Holdings LLC Reduces Stake in United Rentals, Inc. (NYSE:URI)

Allspring Global Investments Holdings LLC reduced its stake in United Rentals, Inc. (NYSE:URI - Free Report) by 73.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,274 shares of the construction company's stock after selling 9,043 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in United Rentals were worth $2,069,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Blueshift Asset Management LLC purchased a new position in shares of United Rentals during the 4th quarter worth $649,000. Penobscot Investment Management Company Inc. grew its holdings in shares of United Rentals by 35.1% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 4,114 shares of the construction company's stock worth $2,898,000 after purchasing an additional 1,068 shares during the period. Elevation Point Wealth Partners LLC grew its holdings in shares of United Rentals by 32.9% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 2,220 shares of the construction company's stock worth $1,391,000 after purchasing an additional 550 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in shares of United Rentals during the 1st quarter worth $602,000. Finally, Virtu Financial LLC purchased a new position in shares of United Rentals during the 4th quarter worth $2,590,000. 96.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on URI. Evercore ISI decreased their target price on United Rentals from $974.00 to $921.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Sanford C. Bernstein raised United Rentals from an "underperform" rating to a "market perform" rating and decreased their target price for the stock from $705.00 to $666.00 in a research note on Tuesday, March 25th. Truist Financial increased their target price on United Rentals from $732.00 to $786.00 and gave the stock a "buy" rating in a research note on Friday, April 25th. The Goldman Sachs Group increased their target price on United Rentals from $770.00 to $850.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Finally, Morgan Stanley raised United Rentals from an "equal weight" rating to an "overweight" rating and set a $702.00 target price on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $766.23.

Insider Activity

In other United Rentals news, VP Andrew B. Limoges sold 708 shares of United Rentals stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $705.86, for a total transaction of $499,748.88. Following the transaction, the vice president owned 1,921 shares of the company's stock, valued at $1,355,957.06. The trade was a 26.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael D. Durand sold 1,100 shares of United Rentals stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $626.28, for a total value of $688,908.00. Following the transaction, the executive vice president directly owned 8,748 shares in the company, valued at approximately $5,478,697.44. This trade represents a 11.17% decrease in their position. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by company insiders.

United Rentals Price Performance

Shares of NYSE URI opened at $783.16 on Tuesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.79 and a current ratio of 0.85. United Rentals, Inc. has a fifty-two week low of $525.91 and a fifty-two week high of $896.98. The firm has a market capitalization of $50.91 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 1.94 and a beta of 1.69. The stock's 50-day simple moving average is $709.03 and its 200-day simple moving average is $683.23.

United Rentals (NYSE:URI - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The construction company reported $8.86 earnings per share for the quarter, missing the consensus estimate of $8.92 by ($0.06). United Rentals had a return on equity of 33.11% and a net margin of 16.38%. The business had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same period last year, the business posted $9.15 EPS. United Rentals's revenue was up 6.7% on a year-over-year basis. As a group, equities research analysts forecast that United Rentals, Inc. will post 44.8 EPS for the current fiscal year.

United Rentals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were given a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend was Wednesday, May 14th. United Rentals's dividend payout ratio (DPR) is presently 18.54%.

United Rentals Profile

United Rentals, Inc, through its subsidiaries, operates as an equipment rental company. It operates in two segments, General Rentals and Specialty. The General Rentals segment rents general construction and industrial equipment includes backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, such as boom and scissor lifts; and general tools and light equipment comprising pressure washers, water pumps, and power tools for construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities.

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