Sunbelt Rentals Holdings, Inc. Common Stock $SUNB Stock: Assenagon Asset Management S.A. Lowers Stake

Key Points

• Assenagon Asset Management cut its Sunbelt Rentals stake by 69.8% in the third quarter, selling 43,191 shares and retaining 18,702 shares valued at approximately $1.37 million.
• Sunbelt Rentals reported quarterly EPS of $1.18, 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 per share from $0.75, resulting in an annualized dividend of $1.20 and a 1.5% yield; analysts maintain a consensus “Hold” rating with an $87.33 price target.

Assenagon Asset Management S.A. lowered its stake in Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Free Report) by 69.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,702 shares of the company's stock after selling 43,191 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Sunbelt Rentals Holdings, Inc. Common Stock were worth $1,369,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Councilmark Asset Management LLC boosted its stake in shares of Sunbelt Rentals Holdings, Inc. Common Stock by 1.5% in the 2nd quarter. Councilmark Asset Management LLC now owns 10,020 shares of the company's stock worth $750,000 after buying an additional 150 shares during the last quarter. Farther Finance Advisors LLC increased its position in Sunbelt Rentals Holdings, Inc. Common Stock by 14.6% during the third quarter. Farther Finance Advisors LLC now owns 1,631 shares of the company's stock valued at $119,000 after acquiring an additional 208 shares during the last quarter. Parkside Financial Bank & Trust purchased a new stake in Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter valued at $25,000. Allworth Financial LP purchased a new stake in Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter valued at $30,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in Sunbelt Rentals Holdings, Inc. Common Stock in the third quarter valued at about $31,000.

Sunbelt Rentals Holdings, Inc. Common Stock Price Performance

Shares of Sunbelt Rentals Holdings, Inc. Common Stock stock opened at $78.72 on Friday. The stock has a 50 day moving average of $74.65 and a 200 day moving average of $75.13. Sunbelt Rentals Holdings, Inc. Common Stock has a 12 month low of $61.03 and a 12 month high of $86.68. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.94 and a quick ratio of 0.87.

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Get Free Report) last released its quarterly earnings data on Wednesday, September 9th. The company reported $1.18 EPS for the quarter, beating the consensus estimate of $0.99 by $0.19. The business had revenue of $3.12 billion for the quarter. Sunbelt Rentals Holdings, Inc. Common Stock's revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 18th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 18th. This is a decrease from Sunbelt Rentals Holdings, Inc. Common Stock's previous quarterly dividend of $0.75. This represents a $1.20 annualized dividend and a yield of 1.5%. Sunbelt Rentals Holdings, Inc. Common Stock's payout ratio is presently 62.50%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SUNB. KeyCorp upped their price target on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $85.00 to $90.00 and gave the company an "overweight" rating in a research report on Thursday, September 10th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $80.00 price objective on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a report on Thursday, September 17th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research report on Tuesday, June 30th. Bank of America upped their target price on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $62.00 to $71.00 and gave the company an "underperform" rating in a report on Thursday, September 10th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research report on Monday, September 21st. Eight 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's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus 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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