Norges Bank Invests $978.02 Million in United Rentals, Inc. $URI

Key Points

• Norges Bank disclosed a new stake in United Rentals during the fourth quarter, buying 1,208,443 shares valued at about $978 million. The position represented roughly 1.92% of the company.
• United Rentals recently reported Q1 earnings that missed expectations, with EPS of $9.71 versus the $11.47 consensus and revenue of $3.99 billion versus $4.20 billion estimated. Despite the miss, revenue still rose 7.2% year over year.
• Wall Street remains largely positive on URI, with 12 Buy ratings and an average Moderate Buy consensus price target of $1,006.13. The company also paid a quarterly dividend of $1.97 per share, equal to an annualized yield of about 0.8%.

Norges Bank purchased a new position in United Rentals, Inc. (NYSE:URI - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,208,443 shares of the construction company's stock, valued at approximately $978,017,000. Norges Bank owned approximately 1.92% of United Rentals at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of URI. Capital International Investors lifted its stake in shares of United Rentals by 22.8% in the third quarter. Capital International Investors now owns 3,402,524 shares of the construction company's stock worth $3,247,762,000 after buying an additional 631,484 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of United Rentals by 66.5% in the third quarter. TD Asset Management Inc now owns 484,450 shares of the construction company's stock worth $462,485,000 after buying an additional 193,416 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of United Rentals by 3,459.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 196,688 shares of the construction company's stock worth $159,184,000 after buying an additional 191,162 shares in the last quarter. Capital World Investors lifted its stake in shares of United Rentals by 6.7% in the third quarter. Capital World Investors now owns 2,678,614 shares of the construction company's stock worth $2,557,158,000 after buying an additional 168,685 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its stake in United Rentals by 3,094.3% during the third quarter. Public Sector Pension Investment Board now owns 155,273 shares of the construction company's stock worth $148,233,000 after purchasing an additional 150,412 shares during the period. 96.26% of the stock is owned by hedge funds and other institutional investors.

United Rentals Price Performance

Shares of URI opened at $996.99 on Friday. United Rentals, Inc. has a 1-year low of $681.98 and a 1-year high of $1,021.47. The stock has a market cap of $62.46 billion, a PE ratio of 25.43, a P/E/G ratio of 1.58 and a beta of 1.83. The firm has a 50-day simple moving average of $854.91 and a two-hundred day simple moving average of $845.69. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.74.

United Rentals (NYSE:URI - Get Free Report) last announced its quarterly earnings data 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 $3.99 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 company's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $8.86 EPS. As a group, analysts forecast that United Rentals, Inc. will post 47.07 EPS for the current year.

United Rentals Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Wednesday, May 13th were issued a $1.97 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.8%. United Rentals's payout ratio is 20.10%.

Analysts Set New Price Targets

A number of brokerages have commented on URI. 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 research note on Friday, April 24th. Evercore reaffirmed an "outperform" rating and set a $1,101.00 target price on shares of United Rentals in a research note on Monday, May 11th. Truist Financial set a $1,209.00 target price on shares of United Rentals in a research note on Friday, April 24th. Morgan Stanley reaffirmed an "overweight" rating and set a $1,030.00 target price on shares of United Rentals in a research note on Friday, April 24th. Finally, Barclays lifted their target price on shares of United Rentals from $600.00 to $715.00 and gave the stock an "underweight" rating in a research note on Friday, April 24th. Twelve investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $1,006.13.

Insider Buying and Selling at United Rentals

In related news, SVP Joli L. Gross sold 306 shares of United Rentals stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $954.99, for a total value of $292,226.94. Following the completion of the transaction, the senior vice president owned 5,738 shares in the company, valued at approximately $5,479,732.62. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Craig Adam Pintoff sold 2,466 shares of United Rentals stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $963.00, for a total transaction of $2,374,758.00. Following the completion of the transaction, the executive vice president owned 14,774 shares of the company's stock, valued at $14,227,362. This trade represents a 14.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 26,088 shares of company stock worth $25,628,877. 0.47% of the stock is currently owned by company insiders.

United Rentals Company 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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