Eastern Bank Increases Holdings in United Rentals, Inc. $URI

Key Points

• Eastern Bank sharply increased its United Rentals stake by 15,226.8% in the second quarter, ending with 17,166 shares valued at approximately $19.4 million. Institutional investors collectively own 96.26% of the company.
• United Rentals reported stronger-than-expected quarterly results, with EPS of $12.76 versus the $11.53 consensus and revenue of $4.41 billion versus $4.22 billion expected. Revenue increased 11.8% year over year.
• The stock was trading at $1,120.41, up 3.8%, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $1,226.50. The company also declared a quarterly dividend of $1.97 per share, yielding 0.7% annually.

Eastern Bank lifted its holdings in United Rentals, Inc. (NYSE:URI - Free Report) by 15,226.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,166 shares of the construction company's stock after acquiring an additional 17,054 shares during the period. Eastern Bank's holdings in United Rentals were worth $19,447,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in United Rentals by 18.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,756 shares of the construction company's stock valued at $9,514,000 after acquiring an additional 1,846 shares during the last quarter. Eventide Asset Management LLC boosted its holdings in shares of United Rentals by 19.6% during the 4th quarter. Eventide Asset Management LLC now owns 95,940 shares of the construction company's stock valued at $77,666,000 after purchasing an additional 15,696 shares during the last quarter. Whittier Trust Co. grew its position in shares of United Rentals by 2.6% during the fourth quarter. Whittier Trust Co. now owns 61,408 shares of the construction company's stock valued at $54,782,000 after purchasing an additional 1,529 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of United Rentals by 52.0% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,241 shares of the construction company's stock valued at $2,623,000 after purchasing an additional 1,109 shares in the last quarter. Finally, Addenda Capital Inc. increased its holdings in shares of United Rentals by 21.3% in the fourth quarter. Addenda Capital Inc. now owns 16,739 shares of the construction company's stock worth $13,547,000 after purchasing an additional 2,939 shares during the last quarter. Hedge funds and other institutional investors own 96.26% of the company's stock.

United Rentals Trading Up 3.8%

Shares of NYSE URI opened at $1,120.41 on Tuesday. United Rentals, Inc. has a 1-year low of $701.59 and a 1-year high of $1,177.67. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.76 and a quick ratio of 0.70. The business's 50 day moving average is $1,071.39 and its two-hundred day moving average is $926.51. The stock has a market capitalization of $69.73 billion, a P/E ratio of 26.91, a PEG ratio of 1.40 and a beta of 1.80.

United Rentals (NYSE:URI - Get Free Report) last announced its earnings results on Tuesday, July 21st. The construction company reported $12.76 EPS for the quarter, topping analysts' consensus estimates of $11.53 by $1.23. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. United Rentals had a return on equity of 31.72% and a net margin of 15.67%.The company's quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.47 EPS. As a group, research analysts expect that United Rentals, Inc. will post 48.35 EPS for the current year.

United Rentals Dividend Announcement

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

Insider Transactions at United Rentals

In other United Rentals news, EVP William E. Grace sold 1,500 shares of the firm's stock in a transaction dated Friday, July 24th. The shares were 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 owned 6,062 shares of the company's stock, valued at $6,869,155.30. This trade represents a 19.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.47% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price target on United Rentals from $1,245.00 to $1,355.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Weiss Ratings raised United Rentals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 23rd. Royal Bank Of Canada increased their target price on United Rentals from $1,041.00 to $1,119.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Citigroup raised their target price on shares of United Rentals from $1,270.00 to $1,330.00 and gave the company a "buy" rating in a report on Friday, July 24th. Finally, Sanford C. Bernstein set a $903.00 price target on shares of United Rentals and gave the stock an "outperform" rating in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $1,226.50.

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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