The Manufacturers Life Insurance Company Purchases New Position in United Rentals, Inc. $URI

Key Points

• The Manufacturers Life Insurance Company acquired 632,126 United Rentals shares worth approximately $716.1 million, giving it a 1.02% stake. Institutional investors collectively own 96.26% of URI.
• United Rentals reported stronger-than-expected quarterly results, with EPS of $12.76 and revenue of $4.41 billion, up 11.8% year over year. Analysts expect full-year EPS of $48.55.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $1,246.19. The company also announced a quarterly dividend of $1.97 per share, representing a 0.7% yield.

The Manufacturers Life Insurance Company acquired a new position in United Rentals, Inc. (NYSE:URI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 632,126 shares of the construction company's stock, valued at approximately $716,129,000. The Manufacturers Life Insurance Company owned approximately 1.02% of United Rentals as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of URI. Woodline Partners LP increased its stake in shares of United Rentals by 40.0% during the first quarter. Woodline Partners LP now owns 5,518 shares of the construction company's stock valued at $3,458,000 after buying an additional 1,577 shares during the period. Sei Investments Co. lifted its stake in United Rentals by 24.7% in the second quarter. Sei Investments Co. now owns 27,136 shares of the construction company's stock worth $20,444,000 after acquiring an additional 5,375 shares during the period. Treasurer of the State of North Carolina lifted its stake in United Rentals by 43.6% in the second quarter. Treasurer of the State of North Carolina now owns 56,057 shares of the construction company's stock worth $42,233,000 after acquiring an additional 17,030 shares during the period. HUB Investment Partners LLC grew its holdings in United Rentals by 11.3% during the 2nd quarter. HUB Investment Partners LLC now owns 2,205 shares of the construction company's stock worth $1,661,000 after acquiring an additional 223 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its holdings in United Rentals by 338.7% during the 2nd quarter. Diversify Advisory Services LLC now owns 1,654 shares of the construction company's stock worth $1,246,000 after acquiring an additional 1,277 shares in the last quarter. 96.26% of the stock is currently owned by hedge funds and other institutional investors.

United Rentals Price Performance

Shares of URI stock opened at $1,083.45 on Tuesday. United Rentals, Inc. has a fifty-two week low of $701.59 and a fifty-two week high of $1,179.18. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.70 and a current ratio of 0.76. The firm has a market capitalization of $67.43 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 1.42 and a beta of 1.80. The stock's 50-day simple moving average is $1,099.24 and its 200-day simple moving average is $952.76.

United Rentals (NYSE:URI - Get Free Report) last released its earnings results on Tuesday, July 21st. The construction company reported $12.76 EPS for the quarter, topping analysts' consensus estimates of $11.53 by $1.23. United Rentals had a net margin of 15.67% and a return on equity of 31.72%. The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the business earned $10.47 EPS. United Rentals's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, equities analysts forecast that United Rentals, Inc. will post 48.55 earnings per share for the current fiscal year.

United Rentals Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be given a $1.97 dividend. This represents a $7.88 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Wednesday, August 12th. United Rentals's dividend payout ratio is presently 18.92%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Truist Financial boosted their price target on shares of United Rentals from $1,421.00 to $1,466.00 and gave the company a "buy" rating in a report on Friday, July 24th. Wall Street Zen upgraded shares of United Rentals from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. 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 report on Thursday, July 23rd. BNP Paribas Exane raised shares of United Rentals from a "neutral" rating to an "outperform" rating and set a $1,320.00 price objective for the company in a research note on Monday, June 29th. Finally, UBS Group upped their target price on United Rentals from $1,300.00 to $1,350.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,246.19.

Insider Transactions at United Rentals

In related news, EVP William E. Grace sold 1,500 shares of the firm's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $1,133.15, for a total value of $1,699,725.00. Following the completion of the transaction, the executive vice president owned 6,062 shares in the company, valued at $6,869,155.30. This trade represents a 19.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.47% of the stock is owned by company insiders.

About United Rentals

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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