United Rentals, Inc. $URI Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its United Rentals stake by 14.7% in the first quarter, bringing its holdings to 806,380 shares valued at approximately $587.5 million. Institutional investors collectively own 96.26% of URI.
• United Rentals reported quarterly earnings of $12.76 per share and revenue of $4.41 billion, beating analyst estimates of $11.53 EPS and $4.22 billion in revenue; revenue rose 11.8% year over year.
• The company declared a quarterly dividend of $1.97 per share, or $7.88 annualized, representing a 0.7% yield. Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and a $1,226.50 price target.

Bank of America Corp DE lifted its position in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 14.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 806,380 shares of the construction company's stock after buying an additional 103,371 shares during the quarter. Bank of America Corp DE owned approximately 1.29% of United Rentals worth $587,496,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Core Wealth Advisors LLC purchased a new position in shares of United Rentals during the fourth quarter valued at approximately $28,000. MV Capital Management Inc. purchased a new stake in United Rentals in the 4th quarter worth approximately $28,000. Laurel Wealth Advisors LLC purchased a new stake in United Rentals in the 4th quarter worth approximately $32,000. Hilton Head Capital Partners LLC acquired a new position in United Rentals in the 4th quarter valued at $34,000. Finally, Frazier Financial Advisors LLC raised its holdings in United Rentals by 33.3% in the 1st quarter. Frazier Financial Advisors LLC now owns 56 shares of the construction company's stock valued at $41,000 after acquiring an additional 14 shares during the last quarter. Institutional investors and hedge funds own 96.26% of the company's stock.

United Rentals Stock Up 1.1%

Shares of URI opened at $1,080.77 on Friday. United Rentals, Inc. has a fifty-two week low of $701.59 and a fifty-two week high of $1,177.67. The company's fifty day moving average is $1,067.76 and its two-hundred day moving average is $925.40. The firm has a market cap of $67.27 billion, a PE ratio of 25.96, a price-to-earnings-growth ratio of 1.40 and a beta of 1.79. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 1.38.

United Rentals (NYSE:URI - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The construction company reported $12.76 EPS for the quarter, topping analysts' consensus estimates of $11.53 by $1.23. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. United Rentals had a return on equity of 31.72% and a net margin of 15.67%.The business's revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $10.47 EPS. Analysts forecast that United Rentals, Inc. will post 48.35 earnings per share for the current year.

United Rentals Dividend Announcement

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

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

URI has been the topic of several analyst reports. KeyCorp restated an "overweight" rating and set a $1,350.00 price objective on shares of United Rentals in a report on Friday, July 24th. UBS Group upped their target price on United Rentals from $1,300.00 to $1,350.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. Citigroup upped their target price on United Rentals from $1,270.00 to $1,330.00 and gave the company a "buy" rating in a research note on Friday, July 24th. BNP Paribas Exane upgraded United Rentals from a "neutral" rating to an "outperform" rating and set a $1,320.00 target price on the stock in a research report on Monday, June 29th. Finally, Morgan Stanley set a $1,335.00 price target on United Rentals and gave the stock an "overweight" rating in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, United Rentals has an average rating of "Moderate Buy" and a consensus price target of $1,226.50.

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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