Edgestream Partners L.P. Cuts Stock Holdings in United Rentals, Inc. $URI

Key Points

• Edgestream Partners L.P. cut its United Rentals stake by 76.9% in the first quarter, selling 6,926 shares and retaining 2,079 shares valued at approximately $1.515 million. Institutional investors collectively own 96.26% of the stock.
• United Rentals reported quarterly earnings of $12.76 per share, surpassing estimates of $11.53, while revenue rose 11.8% year over year to $4.41 billion.
• Analysts raised their price targets, resulting in a consensus “Moderate Buy” rating and average target of $1,226.50. The company also declared a quarterly dividend of $1.97 per share, representing a 0.7% annualized yield.

Edgestream Partners L.P. lowered its position in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 76.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,079 shares of the construction company's stock after selling 6,926 shares during the period. Edgestream Partners L.P.'s holdings in United Rentals were worth $1,515,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in United Rentals by 18.6% during 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 period. 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 acquiring an additional 15,696 shares during the last quarter. Whittier Trust Co. grew its stake in shares of United Rentals by 2.6% in the fourth quarter. Whittier Trust Co. now owns 61,408 shares of the construction company's stock worth $54,782,000 after acquiring an additional 1,529 shares during the period. Sequoia Financial Advisors LLC grew its stake in shares of United Rentals by 52.0% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,241 shares of the construction company's stock worth $2,623,000 after acquiring an additional 1,109 shares during the period. Finally, Addenda Capital Inc. raised its holdings in shares of United Rentals by 21.3% during the fourth quarter. Addenda Capital Inc. now owns 16,739 shares of the construction company's stock valued at $13,547,000 after purchasing an additional 2,939 shares during the last quarter. 96.26% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP William E. Grace sold 1,500 shares of the business's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $1,133.15, for a total transaction 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. The trade was a 19.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.47% of the stock is currently owned by insiders.

United Rentals Price Performance

Shares of NYSE:URI opened at $1,120.41 on Tuesday. 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 $69.73 billion, a PE ratio of 26.91, a price-to-earnings-growth ratio of 1.40 and a beta of 1.80. The firm's 50 day moving average price is $1,071.39 and its 200-day moving average price is $926.51. United Rentals, Inc. has a twelve month low of $701.59 and a twelve month high of $1,177.67.

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

United Rentals Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Morgan Stanley set a $1,335.00 price objective on shares of United Rentals and gave the company an "overweight" rating in a research report on Friday, July 24th. Truist Financial lifted their target price on shares of United Rentals from $1,421.00 to $1,466.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Wall Street Zen upgraded shares of United Rentals from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. 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 report on Friday, July 24th. Finally, Bank of America raised their price target on United Rentals from $1,195.00 to $1,300.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,226.50.

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.

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