Convergence Financial LLC Sells 948 Shares of United Rentals, Inc. $URI

Key Points

• Convergence Financial LLC cut its United Rentals stake by 49.7% during the third quarter, selling 948 shares and retaining 959 shares valued at approximately $960,000.
• Analysts remain broadly positive, with United Rentals holding a “Moderate Buy” consensus rating and an average price target of $1,288.19; institutional investors own 96.26% of the company.
• United Rentals reported strong quarterly results, including $15.55 in EPS and $4.89 billion in revenue, surpassing estimates, while declaring a quarterly dividend of $1.97 per share.

Convergence Financial LLC reduced its stake in United Rentals, Inc. (NYSE:URI - Free Report) by 49.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 959 shares of the construction company's stock after selling 948 shares during the quarter. Convergence Financial LLC's holdings in United Rentals were worth $960,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. SFE Investment Counsel bought a new stake in shares of United Rentals during the 2nd quarter worth $12,765,000. Bank of America Corp DE acquired a new position in United Rentals in the 2nd quarter valued at $944,196,000. Geneos Wealth Management Inc. raised its holdings in United Rentals by 9.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 10,782 shares of the construction company's stock worth $7,855,000 after acquiring an additional 950 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in United Rentals by 9.8% in the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 26,447 shares of the construction company's stock worth $19,240,000 after acquiring an additional 2,350 shares during the period. Finally, Nwam LLC bought a new position in United Rentals in the 2nd quarter worth $2,346,000. Institutional investors own 96.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein set a $1,258.00 price target on shares of United Rentals in a report on Friday, October 23rd. Royal Bank Of Canada raised their price target on United Rentals from $1,323.00 to $1,392.00 and gave the company an "outperform" rating in a research report on Friday, October 23rd. Barclays lifted their price objective on United Rentals from $715.00 to $950.00 and gave the stock an "underweight" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. cut United Rentals from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $1,235.00 to $1,170.00 in a research report on Thursday, September 10th. Finally, Morgan Stanley boosted their price objective on United Rentals from $1,335.00 to $1,350.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, United Rentals currently has an average rating of "Moderate Buy" and an average price target of $1,288.19.

United Rentals Trading Up 1.2%

Shares of United Rentals stock opened at $1,175.79 on Thursday. The company's fifty day simple moving average is $1,046.03 and its 200-day simple moving average is $968.32. The company has a market cap of $72.80 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 1.59 and a beta of 1.83. The company has a current ratio of 0.80, a quick ratio of 0.73 and a debt-to-equity ratio of 1.35. United Rentals, Inc. has a 1 year low of $701.59 and a 1 year high of $1,189.01.

United Rentals (NYSE:URI - Get Free Report) last released its earnings results on Wednesday, October 21st. The construction company reported $15.55 EPS for the quarter, beating the consensus estimate of $13.97 by $1.58. United Rentals had a net margin of 16.33% and a return on equity of 33.47%. The firm had revenue of $4.89 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same period in the prior year, the company earned $11.70 EPS. The business's quarterly revenue was up 15.7% compared to the same quarter last year. As a group, sell-side analysts expect that United Rentals, Inc. will post 50.83 EPS for the current year.

United Rentals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, November 11th will be issued a dividend of $1.97 per share. The ex-dividend date is Tuesday, November 10th. This represents a $7.88 annualized dividend and a dividend yield of 0.7%. United Rentals's payout ratio is presently 17.32%.

United Rentals Company Profile

United Rentals, Inc is an equipment rental company serving construction, industrial, infrastructure, utilities, government and other commercial customers. The company provides access to equipment and related services through a network of rental locations, helping customers manage projects without purchasing and maintaining all of the equipment they need.

Its rental fleet includes aerial work platforms, earthmoving equipment, material-handling equipment, general construction tools, trucks and trailers, and light-duty equipment.

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