Jennison Associates LLC Sells 1,100 Shares of United Rentals, Inc. $URI

Key Points

• Jennison Associates trimmed its United Rentals stake by 2.4% in Q1, selling 1,100 shares and ending with 45,097 shares valued at about $32.9 million.
• United Rentals insiders were also active sellers: CEO Matthew John Flannery sold 22,768 shares and VP Andrew B. Limoges sold 548 shares, with insider ownership now at just 0.47%.
• The company reported mixed quarterly results, missing both EPS and revenue estimates, though revenue still rose 7.2% year over year; analysts remain broadly upbeat with a Moderate Buy consensus and a target price of $1,140.

Jennison Associates LLC lowered its position in United Rentals, Inc. (NYSE:URI - Free Report) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,097 shares of the construction company's stock after selling 1,100 shares during the quarter. Jennison Associates LLC owned approximately 0.07% of United Rentals worth $32,856,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Aventura Private Wealth LLC acquired a new stake in shares of United Rentals in the fourth quarter valued at approximately $27,000. Core Wealth Advisors LLC bought a new stake in United Rentals in the 4th quarter valued at $28,000. MV Capital Management Inc. bought a new stake in United Rentals in the 4th quarter valued at $28,000. Laurel Wealth Advisors LLC acquired a new stake in United Rentals during the 4th quarter valued at $32,000. Finally, Fortitude Family Office LLC boosted its position in United Rentals by 121.1% during the fourth quarter. Fortitude Family Office LLC now owns 42 shares of the construction company's stock worth $34,000 after purchasing an additional 23 shares during the period. Institutional investors own 96.26% of the company's stock.

Insider Buying and Selling

In related news, CEO Matthew John Flannery sold 22,768 shares of the company's stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $984.98, for a total transaction of $22,426,024.64. Following the completion of the sale, the chief executive officer owned 99,980 shares of the company's stock, valued at $98,478,300.40. This represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Andrew B. Limoges sold 548 shares of the stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $977.86, for a total transaction of $535,867.28. Following the sale, the vice president owned 1,865 shares in the company, valued at $1,823,708.90. The trade was a 22.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 26,088 shares of company stock valued at $25,628,877. 0.47% of the stock is owned by insiders.

United Rentals Stock Performance

Shares of NYSE:URI opened at $1,012.39 on Tuesday. The company's 50 day moving average price is $1,042.78 and its two-hundred day moving average price is $912.44. United Rentals, Inc. has a 12-month low of $701.59 and a 12-month high of $1,143.69. The firm has a market cap of $63.43 billion, a PE ratio of 25.83, a PEG ratio of 1.67 and a beta of 1.79. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.37.

United Rentals (NYSE:URI - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The construction company reported $9.71 earnings per share for the quarter, missing analysts' consensus estimates of $11.47 by ($1.76). The business had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.20 billion. United Rentals had a net margin of 15.32% and a return on equity of 30.56%. The firm's quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.86 earnings per share. Equities research analysts predict that United Rentals, Inc. will post 46.85 earnings per share for the current year.

United Rentals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Wednesday, May 13th were given a dividend of $1.97 per share. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Wednesday, May 13th. United Rentals's dividend payout ratio is presently 20.10%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on URI shares. UBS Group increased their price objective on shares of United Rentals from $1,145.00 to $1,300.00 and gave the company a "buy" rating in a research report on Wednesday, July 1st. Royal Bank Of Canada lifted their target price on shares of United Rentals from $1,041.00 to $1,119.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Raymond James Financial reiterated an "outperform" rating and issued a $1,275.00 price target on shares of United Rentals in a research note on Wednesday, June 10th. Bank of America increased their price target on shares of United Rentals from $1,020.00 to $1,195.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Finally, Morgan Stanley boosted their price objective on United Rentals from $1,030.00 to $1,165.00 and gave the stock an "overweight" rating in a report on Friday. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, United Rentals presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,140.00.

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.

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