Korea Investment CORP Takes Position in United Rentals, Inc. $URI

Key Points

• Korea Investment CORP purchased 30,316 United Rentals shares in the second quarter, valued at approximately $34.3 million. Institutional investors and hedge funds collectively own 96.26% of URI.
• United Rentals exceeded quarterly expectations, reporting $12.76 in EPS and $4.41 billion in revenue, with revenue rising 11.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1,246.19. The company also declared a quarterly dividend of $1.97 per share, yielding approximately 0.7%.

Korea Investment CORP purchased a new position in shares of United Rentals, Inc. (NYSE:URI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,316 shares of the construction company's stock, valued at approximately $34,345,000.

Other institutional investors have also made changes to their positions in the company. SFE Investment Counsel acquired a new position in United Rentals in the second quarter worth approximately $12,765,000. Eventide Asset Management LLC raised its position in United Rentals by 19.6% during the fourth 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 in the last quarter. Sequoia Financial Advisors LLC lifted its stake in United Rentals by 52.0% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,241 shares of the construction company's stock valued at $2,623,000 after acquiring an additional 1,109 shares during the last quarter. Bridges Investment Management Inc. lifted its stake in United Rentals by 2.0% in the fourth quarter. Bridges Investment Management Inc. now owns 69,583 shares of the construction company's stock valued at $56,315,000 after acquiring an additional 1,354 shares during the last quarter. Finally, WINTON GROUP Ltd grew its position in United Rentals by 995.1% in the fourth quarter. WINTON GROUP Ltd now owns 13,612 shares of the construction company's stock worth $11,016,000 after acquiring an additional 12,369 shares in the last quarter. 96.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at United Rentals

In related news, EVP William E. Grace sold 1,500 shares of the 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 transaction, the executive vice president owned 6,062 shares of the company's stock, valued at $6,869,155.30. This represents a 19.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on URI shares. Truist Financial raised their price target on shares of United Rentals from $1,421.00 to $1,466.00 and gave the company a "buy" rating in a report on Friday, July 24th. Robert W. Baird set a $1,300.00 target price on United Rentals in a report on Friday, July 24th. JPMorgan Chase & Co. upped their price target on United Rentals from $1,100.00 to $1,235.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Evercore reissued an "outperform" rating and issued a $1,101.00 price objective on shares of United Rentals in a research report on Monday, May 11th. Finally, Zacks Research raised United Rentals from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. One equities 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,246.19.

United Rentals Stock Performance

URI opened at $1,095.21 on Friday. The stock's 50 day simple moving average is $1,099.22 and its 200-day simple moving average is $949.51. The company has a current ratio of 0.76, a quick ratio of 0.70 and a debt-to-equity ratio of 1.38. The stock has a market cap of $68.17 billion, a PE ratio of 26.30, a P/E/G 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.

United Rentals (NYSE:URI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The construction company reported $12.76 earnings per share for the quarter, topping analysts' consensus estimates of $11.53 by $1.23. United Rentals had a net margin of 15.67% and a return on equity of 31.72%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the company earned $10.47 earnings per share. The business's revenue was up 11.8% compared to the same quarter last year. Sell-side analysts forecast that United Rentals, Inc. will post 48.55 EPS for the current year.

United Rentals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be paid 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 presently 18.92%.

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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