Elevation Point Wealth Partners LLC Takes $4.50 Million Position in United Rentals, Inc. $URI

Key Points

• Elevation Point Wealth Partners acquired 3,971 United Rentals shares worth approximately $4.5 million in the second quarter. Institutional investors and hedge funds collectively own 96.26% of URI.
• United Rentals exceeded quarterly expectations, reporting $12.76 EPS and $4.41 billion in revenue, with revenue up 11.8% year over year.
• Analyst sentiment is broadly positive, with an average “Moderate Buy” rating and a $1,246.19 price target. The company also declared a quarterly dividend of $1.97 per share, representing a 0.7% yield.

Elevation Point Wealth Partners LLC purchased a new stake in United Rentals, Inc. (NYSE:URI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,971 shares of the construction company's stock, valued at approximately $4,499,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of United Rentals during the 2nd quarter valued at about $5,816,326,000. Norges Bank purchased a new stake in shares of United Rentals in the fourth quarter valued at about $978,017,000. Bank of New York Mellon Corp acquired a new stake in United Rentals during the second quarter worth about $412,860,000. Corient Private Wealth LLC increased its position in United Rentals by 1,667.4% during 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 purchased a new position in United Rentals during the second quarter worth about $337,323,000. 96.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP William E. Grace sold 1,500 shares of United Rentals stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $1,133.15, for a total transaction of $1,699,725.00. Following the sale, the executive vice president 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.47% of the stock is currently owned by company insiders.

United Rentals Price Performance

Shares of NYSE URI opened at $1,095.21 on Friday. The stock's 50-day moving average is $1,099.22 and its two-hundred day moving average is $949.51. The company has a market cap of $68.17 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 1.42 and a beta of 1.80. United Rentals, Inc. has a 1-year low of $701.59 and a 1-year high of $1,179.18. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.76 and a quick ratio of 0.70.

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 (EPS) for the quarter, topping analysts' consensus estimates of $11.53 by $1.23. The company had revenue of $4.41 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.47 earnings per share. Analysts forecast that United Rentals, Inc. will post 48.55 EPS for the current fiscal year.

United Rentals Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $7.88 dividend on an annualized basis and a yield of 0.7%. United Rentals's payout ratio is 18.92%.

Analyst Ratings Changes

URI has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of United Rentals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 23rd. Robert W. Baird set a $1,300.00 price target on shares of United Rentals in a research report on Friday, July 24th. Citigroup upped their price objective on United Rentals from $1,270.00 to $1,330.00 and gave the company a "buy" rating in a report on Friday, July 24th. KeyCorp reiterated an "overweight" rating and issued a $1,350.00 price objective on shares of United Rentals in a research report on Friday, July 24th. Finally, Zacks Research raised United Rentals from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, United Rentals currently has an average 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.

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