Sumitomo Mitsui DS Asset Management Company Ltd Acquires New Shares in Sunbelt Rentals Holdings, Inc. Common Stock $SUNB

Key Points

• Sumitomo Mitsui DS Asset Management acquired 42,822 SUNB shares worth approximately $3.14 million in the third quarter. Several other institutional investors also initiated or increased positions.
• Sunbelt Rentals reported quarterly earnings of $1.18 per share, beating estimates of $0.99, while revenue rose 11.2% year over year to $3.12 billion.
• The company reduced its quarterly dividend to $0.30 from $0.75, resulting in an annualized payout of $1.20 and a 1.5% yield. Analysts have a consensus “Hold” rating and an average price target of $87.33.

Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,822 shares of the company's stock, valued at approximately $3,135,000.

A number of other hedge funds have also made changes to their positions in SUNB. State Street Corp acquired a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the 2nd quarter valued at $440,999,000. James Hambro & Partners LLP boosted its position in Sunbelt Rentals Holdings, Inc. Common Stock by 1.7% during the 3rd quarter. James Hambro & Partners LLP now owns 1,195,451 shares of the company's stock worth $88,488,000 after purchasing an additional 20,294 shares during the period. Broad Run Investment Management LLC acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock in the 2nd quarter valued at $51,353,000. Montrusco Bolton Investments Inc. acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock in the 3rd quarter valued at $51,832,000. Finally, Anchor Capital Advisors LLC acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock in the 2nd quarter valued at $44,923,000.

Sunbelt Rentals Holdings, Inc. Common Stock Trading Up 0.3%

NYSE SUNB opened at $78.72 on Friday. The company's fifty day simple moving average is $74.65 and its 200-day simple moving average is $75.13. Sunbelt Rentals Holdings, Inc. Common Stock has a 52 week low of $61.03 and a 52 week high of $86.68. The company has a current ratio of 0.94, a quick ratio of 0.87 and a debt-to-equity ratio of 1.08. The stock has a market cap of $32.26 billion and a P/E ratio of 41.00.

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Get Free Report) last announced its earnings results on Wednesday, September 9th. The company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.19. The firm had revenue of $3.12 billion during the quarter. The firm's quarterly revenue was up 11.2% compared to the same quarter last year. Equities research analysts predict that Sunbelt Rentals Holdings, Inc. Common Stock will post 4.21 EPS for the current fiscal year.

Sunbelt Rentals Holdings, Inc. Common Stock Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 18th were issued a $0.30 dividend. The ex-dividend date was Friday, September 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.5%. This is a decrease from Sunbelt Rentals Holdings, Inc. Common Stock's previous quarterly dividend of $0.75. Sunbelt Rentals Holdings, Inc. Common Stock's dividend payout ratio (DPR) is presently 62.50%.

Wall Street Analysts Forecast Growth

SUNB has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Sunbelt Rentals Holdings, Inc. Common Stock from $71.00 to $79.00 and gave the company an "underweight" rating in a research report on Thursday, September 10th. The Goldman Sachs Group raised Sunbelt Rentals Holdings, Inc. Common Stock from a "neutral" rating to a "buy" rating and upped their target price for the stock from $78.00 to $93.00 in a research report on Wednesday, September 16th. Bank of America increased their target price on Sunbelt Rentals Holdings, Inc. Common Stock from $62.00 to $71.00 and gave the company an "underperform" rating in a research note on Thursday, September 10th. Wells Fargo & Company initiated coverage on Sunbelt Rentals Holdings, Inc. Common Stock in a research note on Monday, August 17th. They issued an "overweight" rating and a $96.00 target price for the company. Finally, Weiss Ratings downgraded Sunbelt Rentals Holdings, Inc. Common Stock from a "buy (b)" rating to a "hold (c+)" rating in a report on Monday, September 28th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $87.33.

Sunbelt Rentals Holdings, Inc. Common Stock Profile

Sunbelt Rentals Holdings, Inc is an equipment rental company that provides construction, industrial, commercial and specialty equipment to businesses, government agencies and consumers. Its rental fleet includes aerial work platforms, earthmoving equipment, material-handling machinery, general tools, power-generation and climate-control equipment, pumps, trench-safety products, traffic and safety equipment, and temporary structures.

The company supports a range of applications, including construction and infrastructure projects, industrial maintenance, facility management, disaster response, utilities, entertainment and events.

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