Bank of Nova Scotia Takes $20.27 Million Position in United Rentals, Inc. $URI

Key Points

• Bank of Nova Scotia acquired 17,888 United Rentals shares worth approximately $20.27 million in the second quarter. Institutional investors and hedge funds collectively own 96.26% of URI’s outstanding stock.
• Analyst sentiment is broadly positive: United Rentals has a “Moderate Buy” consensus rating and an average price target of $1,246.19, with several firms recently raising targets or upgrading the stock.
• United Rentals beat quarterly expectations, reporting $12.76 in earnings per share and $4.41 billion in revenue, up 11.8% year over year. The company also declared a quarterly dividend of $1.97 per share, equivalent to a 0.7% yield.

Bank of Nova Scotia acquired a new stake in United Rentals, Inc. (NYSE:URI - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 17,888 shares of the construction company's stock, valued at approximately $20,265,000.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of United Rentals during the second quarter valued at $5,816,326,000. Norges Bank acquired a new position in shares of United Rentals during the fourth quarter worth $978,017,000. Bank of New York Mellon Corp bought a new stake in shares of United Rentals in the second quarter worth $412,860,000. Corient Private Wealth LLC grew its stake in shares of United Rentals by 1,667.4% in the fourth quarter. Corient Private Wealth LLC now owns 343,965 shares of the construction company's stock worth $278,378,000 after purchasing an additional 324,503 shares during the last quarter. Finally, W1M Asset Management Ltd acquired a new stake in United Rentals in the second quarter valued at $337,323,000. 96.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on URI. Raymond James Financial reaffirmed an "outperform" rating and set a $1,275.00 target price on shares of United Rentals in a research report on Wednesday, June 10th. Bank of America upped their price target on United Rentals from $1,195.00 to $1,300.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Wall Street Zen raised United Rentals from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. JPMorgan Chase & Co. raised their price objective on United Rentals from $1,100.00 to $1,235.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Finally, BNP Paribas Exane raised United Rentals from a "neutral" rating to an "outperform" rating and set a $1,320.00 price objective on the stock in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $1,246.19.

Insider Buying and Selling

In other United Rentals 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 completion of the sale, the executive vice president directly owned 6,062 shares in the company, valued at approximately $6,869,155.30. The trade was a 19.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.47% of the stock is owned by corporate insiders.

United Rentals Price Performance

URI stock opened at $1,095.21 on Monday. The firm has a market cap of $68.17 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 1.42 and a beta of 1.80. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 1.38. United Rentals, Inc. has a 12-month low of $701.59 and a 12-month high of $1,179.18. The company's fifty day simple moving average is $1,099.22 and its 200 day simple moving average is $950.71.

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

United Rentals Dividend Announcement

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

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.

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