The Manufacturers Life Insurance Company Purchases New Position in Sunbelt Rentals Holdings, Inc. Common Stock $SUNB

Key Points

• Institutional interest increased: The Manufacturers Life Insurance Company acquired 158,369 SUNB shares valued at approximately $11.6 million, while several other funds also initiated sizable positions during the second quarter.
• Strong quarterly performance: Sunbelt Rentals reported adjusted EPS of $1.18, exceeding estimates of $0.99, while revenue rose 11.2% year over year to $3.12 billion.
• Mixed market outlook: SUNB traded near $72.62, below its 50-day average, and analysts maintained a consensus “Hold” rating with an $86.11 price target; the company’s quarterly dividend implies a 1.7% yield.

The Manufacturers Life Insurance Company acquired a new position in Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 158,369 shares of the company's stock, valued at approximately $11,553,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Anchor Capital Advisors LLC acquired a new stake in Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at approximately $44,923,000. Raiffeisen Bank International AG acquired a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the 2nd quarter worth $2,378,000. Sequoia Financial Advisors LLC bought a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the 2nd quarter valued at $5,133,000. Broad Run Investment Management LLC bought a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the 2nd quarter valued at $51,353,000. Finally, Allianz Asset Management GmbH bought a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the 2nd quarter valued at $22,082,000.

Insider Buying and Selling at Sunbelt Rentals Holdings, Inc. Common Stock

In related news, COO John Washburn sold 3,351 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $70.00, for a total transaction of $234,570.00. Following the completion of the sale, the chief operating officer owned 72,394 shares in the company, valued at $5,067,580. This represents a 4.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.16% of the company's stock.

Sunbelt Rentals Holdings, Inc. Common Stock Trading Down 0.8%

NYSE SUNB opened at $72.62 on Friday. Sunbelt Rentals Holdings, Inc. Common Stock has a 1 year low of $61.03 and a 1 year high of $86.68. The business's fifty day moving average price is $74.70. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 1.08. The company has a market cap of $29.76 billion and a P/E ratio of 98.13.

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 EPS for the quarter, topping the consensus estimate of $0.99 by $0.19. The firm had revenue of $3.12 billion during the quarter. The company's quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts forecast that Sunbelt Rentals Holdings, Inc. Common Stock will post 4.22 EPS for the current fiscal year.

Sunbelt Rentals Holdings, Inc. Common Stock Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 18th will be paid a $0.30 dividend. The ex-dividend date is Friday, September 18th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.7%. Sunbelt Rentals Holdings, Inc. Common Stock's payout ratio is presently 405.41%.

Analysts Set New Price Targets

SUNB has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $71.00 to $79.00 and gave the stock an "underweight" rating in a report on Thursday. Sanford C. Bernstein restated an "outperform" rating and set a $96.00 target price on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research report on Tuesday, June 30th. Weiss Ratings downgraded Sunbelt Rentals Holdings, Inc. Common Stock from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, September 1st. Finally, Citigroup lowered their price objective on Sunbelt Rentals Holdings, Inc. Common Stock to $90.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $86.11.

Sunbelt Rentals Holdings, Inc. Common Stock Profile

Sunbelt Rentals Holdings, Inc is an equipment rental company that provides tools, machinery and related services to construction, industrial, commercial, infrastructure, government and residential customers. Its rental fleet includes aerial work platforms, earthmoving and material-handling equipment, general tools, power-generation equipment, pumps, heating and cooling systems, and temporary structures.

The company also provides specialized solutions such as trench safety, climate control, event equipment, traffic management and temporary power.

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