Bank of New York Mellon Corp Makes New Investment in United Rentals, Inc. $URI

Key Points

• Bank of New York Mellon acquired 364,431 United Rentals shares in the second quarter, worth approximately $412.9 million and representing about 0.59% of the company. Institutional investors collectively own 96.26% of URI.
• United Rentals exceeded quarterly expectations, reporting $12.76 in adjusted EPS and $4.41 billion in revenue, with revenue up 11.8% year over year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $1,246.19, above the reported share price of $1,095.21. The company also announced a quarterly dividend of $1.97 per share.

Bank of New York Mellon Corp bought a new position in United Rentals, Inc. (NYSE:URI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 364,431 shares of the construction company's stock, valued at approximately $412,860,000. Bank of New York Mellon Corp owned approximately 0.59% of United Rentals as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of URI. Core Wealth Advisors LLC acquired a new stake in United Rentals during the fourth quarter valued at approximately $28,000. MV Capital Management Inc. bought a new position in United Rentals in the 4th quarter worth approximately $28,000. Laurel Wealth Advisors LLC bought a new position in United Rentals in the 4th quarter worth approximately $32,000. Hilton Head Capital Partners LLC acquired a new position in United Rentals during the 4th quarter worth $34,000. Finally, Frazier Financial Advisors LLC boosted its position in United Rentals by 33.3% in the 1st quarter. Frazier Financial Advisors LLC now owns 56 shares of the construction company's stock valued at $41,000 after buying an additional 14 shares during the last quarter. Institutional investors and hedge funds own 96.26% of the company's stock.

United Rentals Trading Down 0.0%

URI opened at $1,095.21 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $68.17 billion, a price-to-earnings ratio of 26.30, a P/E/G ratio of 1.41 and a beta of 1.80. The company has a 50-day simple moving average of $1,099.22 and a 200 day simple moving average of $949.51. United Rentals, Inc. has a twelve month low of $701.59 and a twelve month high of $1,179.18.

United Rentals (NYSE:URI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The construction company reported $12.76 earnings per share for the quarter, beating analysts' consensus estimates of $11.53 by $1.23. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. United Rentals had a net margin of 15.67% and a return on equity of 31.72%. The firm's quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the company posted $10.47 EPS. Analysts predict that United Rentals, Inc. will post 48.55 EPS for the current fiscal year.

United Rentals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be issued a $1.97 dividend. This represents a $7.88 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, August 12th. United Rentals's dividend payout ratio (DPR) is 18.92%.

Insider Buying and Selling

In related news, EVP William E. Grace sold 1,500 shares of United Rentals stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $1,133.15, for a total value of $1,699,725.00. Following the transaction, the executive vice president directly owned 6,062 shares of the company's stock, valued at $6,869,155.30. The trade was a 19.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on URI. Bank of America lifted their price target on shares of United Rentals from $1,195.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Zacks Research upgraded shares of United Rentals from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. JPMorgan Chase & Co. lifted their target price on shares of United Rentals from $1,100.00 to $1,235.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Raymond James Financial reissued an "outperform" rating and issued a $1,275.00 price target on shares of United Rentals in a research note on Wednesday, June 10th. Finally, UBS Group raised their price target on United Rentals from $1,300.00 to $1,350.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, United Rentals currently has a consensus rating of "Moderate Buy" and an average price target of $1,246.19.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source