State Street Corp Raises Stock Position in United Rentals, Inc. $URI

Key Points

• State Street increased its United Rentals stake by 1.1% in the second quarter, holding 2.99 million shares valued at approximately $3.39 billion. Institutional investors collectively own 96.26% of the company.
• United Rentals exceeded quarterly expectations, reporting $12.76 in adjusted EPS on $4.41 billion in revenue, with revenue up 11.8% year over year.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $1,230.88; the company also pays a quarterly dividend of $1.97 per share.

State Street Corp lifted its holdings in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,993,837 shares of the construction company's stock after acquiring an additional 32,238 shares during the quarter. State Street Corp owned about 4.81% of United Rentals worth $3,391,688,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in URI. BlackRock Inc. acquired a new position in shares of United Rentals during the second quarter worth about $5,816,326,000. Capital World Investors lifted its position in United Rentals by 1.1% during the 4th quarter. Capital World Investors now owns 2,708,877 shares of the construction company's stock worth $2,192,357,000 after acquiring an additional 30,263 shares in the last quarter. Franklin Resources Inc. lifted its position in United Rentals by 2.2% during the 4th quarter. Franklin Resources Inc. now owns 1,343,981 shares of the construction company's stock worth $1,087,711,000 after acquiring an additional 28,895 shares in the last quarter. Norges Bank purchased a new position in United Rentals in the 4th quarter worth approximately $978,017,000. Finally, Bank of America Corp DE purchased a new position in United Rentals in the 2nd quarter worth approximately $944,196,000. 96.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at United Rentals

In other news, EVP William Grace sold 1,500 shares of the stock in a transaction that occurred on 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 directly owned 6,062 shares in the company, valued at approximately $6,869,155.30. This represents a 19.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.47% of the company's stock.

United Rentals Stock Performance

United Rentals stock opened at $1,045.20 on Wednesday. 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, Inc. has a 12 month low of $701.59 and a 12 month high of $1,179.18. The company has a fifty day moving average price of $1,067.16 and a two-hundred day moving average price of $974.62. The company has a market cap of $65.05 billion, a PE ratio of 25.10, a P/E/G ratio of 1.51 and a beta of 1.79.

United Rentals (NYSE:URI - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. 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 for 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 company's revenue for the quarter was up 11.8% on a year-over-year basis. During the same period last year, the firm posted $10.47 EPS. Research analysts expect that United Rentals, Inc. will post 48.7 earnings per share for the current year.

United Rentals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were issued a dividend of $1.97 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $7.88 annualized dividend and a dividend yield of 0.8%. United Rentals's dividend payout ratio is 18.92%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on URI. Bank of America lifted their price objective on shares of United Rentals from $1,195.00 to $1,300.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. KeyCorp reaffirmed an "overweight" rating and set a $1,350.00 price target on shares of United Rentals in a research note on Friday, July 24th. Morgan Stanley set a $1,335.00 price objective on shares of United Rentals and gave the stock an "overweight" rating in a report on Friday, July 24th. Citigroup reissued a "buy" rating on shares of United Rentals in a research report on Monday, September 14th. Finally, Wall Street Zen downgraded United Rentals from a "buy" rating to a "hold" rating in a research note on Saturday, September 12th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,230.88.

United Rentals Company Profile

United Rentals, Inc is an equipment rental company serving construction, industrial, commercial, government and residential customers. The company provides access to a broad range of equipment without requiring customers to purchase and maintain their own fleets.

Its rental offerings include aerial work platforms, earthmoving equipment, material-handling equipment, trucks and trailers, power-generation and climate-control equipment, pumps, tools, trench-safety products and traffic-control equipment.

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