Harvey Capital Management Inc. Takes Position in United Rentals, Inc. $URI

Key Points

• Harvey Capital Management acquired 12,418 United Rentals shares worth approximately $14.1 million, making URI its seventh-largest holding and about 2.9% of its portfolio. Institutional investors collectively own 96.26% of the company.
• United Rentals exceeded quarterly expectations, reporting $12.76 in EPS versus the $11.53 consensus and $4.41 billion in revenue, up 11.8% year over year. Analysts maintain a consensus “Moderate Buy” rating with a $1,246.19 price target.
• The company declared a quarterly dividend of $1.97, equivalent to $7.88 annually and a 0.8% yield. URI shares opened at $1,038.12, below their 52-week high of $1,179.18.

Harvey Capital Management Inc. purchased a new position in United Rentals, Inc. (NYSE:URI - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,418 shares of the construction company's stock, valued at approximately $14,068,000. United Rentals makes up about 2.9% of Harvey Capital Management Inc.'s investment portfolio, making the stock its 7th biggest holding.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in United Rentals in the 2nd quarter valued at approximately $5,816,326,000. Norges Bank purchased a new stake in United Rentals in the 4th quarter worth approximately $978,017,000. Bank of America Corp DE acquired a new stake in shares of United Rentals during the 2nd quarter valued at $944,196,000. The Manufacturers Life Insurance Company acquired a new stake in shares of United Rentals during the 2nd quarter valued at $716,129,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of United Rentals during the 2nd quarter valued at $412,860,000. 96.26% of the stock is currently owned by institutional investors and hedge funds.

United Rentals Stock Performance

Shares of URI opened at $1,038.12 on Friday. The firm has a market cap of $64.61 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of 1.36 and a beta of 1.80. The company's fifty day moving average is $1,098.25 and its 200-day moving average is $956.65. 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.

United Rentals (NYSE:URI - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. United Rentals had a net margin of 15.67% and a return on equity of 31.72%. United Rentals's quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.47 EPS. Equities analysts expect that United Rentals, Inc. will post 48.55 EPS for the current fiscal year.

United Rentals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th were given a $1.97 dividend. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.8%. United Rentals's payout ratio is currently 18.92%.

Insider Buying and Selling at United Rentals

In other news, EVP William E. Grace sold 1,500 shares of the company's 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 completion of the sale, the executive vice president owned 6,062 shares in the company, valued at approximately $6,869,155.30. This represents a 19.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.47% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on URI. Robert W. Baird set a $1,300.00 price target on shares of United Rentals in a research note on Friday, July 24th. Argus reissued a "buy" rating and set a $1,250.00 price objective on shares of United Rentals in a research report on Tuesday, August 4th. Wells Fargo & Company boosted their target price 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. Bank of America upped their target price on United Rentals from $1,195.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, BNP Paribas Exane raised United Rentals from a "neutral" rating to an "outperform" rating and set a $1,320.00 price target for the company in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, United Rentals currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,246.19.

About United Rentals

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source