The Manufacturers Life Insurance Company Sells 51,890 Shares of United Rentals, Inc. $URI

Key Points

• The Manufacturers Life Insurance Company reduced its United Rentals stake by 7.2%, selling 51,890 shares and retaining 672,184 shares valued at approximately $489.7 million. Institutional investors collectively own 96.26% of the company.
• United Rentals reported quarterly earnings of $12.76 per share, beating estimates by $1.23, while revenue rose 11.8% year over year to $4.41 billion. The company also declared a quarterly dividend of $1.97 per share, equivalent to a 0.7% yield.
• Analyst sentiment remains positive, with 15 Buy ratings and one Sell rating; the stock carries a “Moderate Buy” consensus and an average price target of $1,226.50.

The Manufacturers Life Insurance Company cut its holdings in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 7.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 672,184 shares of the construction company's stock after selling 51,890 shares during the period. The Manufacturers Life Insurance Company owned 1.07% of United Rentals worth $489,726,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Woodline Partners LP increased its position in United Rentals by 40.0% during the 1st quarter. Woodline Partners LP now owns 5,518 shares of the construction company's stock valued at $3,458,000 after purchasing an additional 1,577 shares during the period. Sei Investments Co. boosted its stake in shares of United Rentals by 24.7% during the 2nd quarter. Sei Investments Co. now owns 27,136 shares of the construction company's stock valued at $20,444,000 after purchasing an additional 5,375 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of United Rentals by 43.6% during the 2nd quarter. Treasurer of the State of North Carolina now owns 56,057 shares of the construction company's stock valued at $42,233,000 after purchasing an additional 17,030 shares in the last quarter. HUB Investment Partners LLC increased its position in shares of United Rentals by 11.3% during the second quarter. HUB Investment Partners LLC now owns 2,205 shares of the construction company's stock valued at $1,661,000 after buying an additional 223 shares during the period. Finally, Diversify Advisory Services LLC raised its stake in United Rentals by 338.7% in the second quarter. Diversify Advisory Services LLC now owns 1,654 shares of the construction company's stock worth $1,246,000 after buying an additional 1,277 shares in the last quarter. Institutional investors own 96.26% of the company's stock.

United Rentals Trading Down 1.3%

Shares of NYSE URI opened at $1,126.44 on Tuesday. The firm's 50 day moving average price is $1,056.51 and its 200-day moving average price is $920.95. United Rentals, Inc. has a 52-week low of $701.59 and a 52-week high of $1,177.67. 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 company has a market cap of $70.11 billion, a PE ratio of 27.05, a P/E/G ratio of 1.51 and a beta of 1.79.

United Rentals (NYSE:URI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The construction company reported $12.76 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $4.22 billion. During the same quarter last year, the firm earned $10.47 earnings per share. The firm's quarterly revenue was up 11.8% compared to the same quarter last year. On average, equities research analysts expect that United Rentals, Inc. will post 47.32 EPS for the current fiscal year.

United Rentals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th will be paid a dividend of $1.97 per share. This represents a $7.88 annualized dividend and a yield of 0.7%. The ex-dividend date is Wednesday, August 12th. United Rentals's dividend payout ratio (DPR) is currently 18.92%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Truist Financial lifted their price objective on United Rentals from $1,421.00 to $1,466.00 and gave the company a "buy" rating in a research report on Friday. Citigroup increased their target price on United Rentals from $1,270.00 to $1,330.00 and gave the stock a "buy" rating in a research report on Friday. Barclays raised their target price on United Rentals from $715.00 to $950.00 and gave the company an "underweight" rating in a research note on Friday. JPMorgan Chase & Co. upped their price target on United Rentals from $1,100.00 to $1,235.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $1,275.00 price objective on shares of United Rentals in a report on Wednesday, June 10th. Fifteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $1,226.50.

United Rentals Company Profile

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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