United Rentals, Inc. $URI Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its United Rentals stake by 374.8% in the second quarter, reaching 40,164 shares valued at approximately $45.5 million. Institutional investors and hedge funds collectively own 96.26% of the company.
• United Rentals reported quarterly EPS of $12.76, exceeding estimates of $11.53, while revenue rose 11.8% year over year to $4.41 billion. Analysts expect full-year EPS of $48.55.
• The company declared a quarterly dividend of $1.97 per share, equivalent to an annualized $7.88 payout and a 0.7% yield. Wall Street’s consensus rating is “Moderate Buy,” with an average price target of $1,246.19.

Assenagon Asset Management S.A. grew its stake in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 374.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,164 shares of the construction company's stock after buying an additional 31,705 shares during the period. Assenagon Asset Management S.A. owned 0.06% of United Rentals worth $45,501,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in URI. Apella Capital LLC increased its stake in United Rentals by 7.7% during the second quarter. Apella Capital LLC now owns 362 shares of the construction company's stock worth $383,000 after acquiring an additional 26 shares during the last quarter. First Citizens Financial Corp purchased a new position in shares of United Rentals in the 2nd quarter worth about $256,000. Dynamic Advisor Solutions LLC lifted its stake in shares of United Rentals by 6.3% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 1,053 shares of the construction company's stock valued at $1,193,000 after purchasing an additional 62 shares in the last quarter. Baron Wealth Management LLC purchased a new stake in shares of United Rentals during the 2nd quarter worth about $211,000. Finally, GAMMA Investing LLC grew its holdings in shares of United Rentals by 8.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,938 shares of the construction company's stock worth $2,196,000 after purchasing an additional 143 shares during the period. 96.26% of the stock is currently owned by institutional investors and hedge funds.

United Rentals Stock Down 0.0%

Shares of NYSE URI opened at $1,162.37 on Friday. United Rentals, Inc. has a 1 year low of $701.59 and a 1 year high of $1,179.18. The stock's 50-day simple moving average is $1,085.32 and its 200-day simple moving average is $933.12. 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 cap of $72.35 billion, a price-to-earnings ratio of 27.91, a PEG ratio of 1.50 and a beta of 1.80.

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

United Rentals Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Wednesday, August 12th. United Rentals's dividend payout ratio is 18.92%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Zacks Research upgraded shares of United Rentals from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. KeyCorp reiterated an "overweight" rating and set a $1,350.00 price objective on shares of United Rentals in a research note on Friday, July 24th. Bank of America increased their price objective on shares of United Rentals from $1,195.00 to $1,300.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Raymond James Financial reissued an "outperform" rating and issued a $1,275.00 target price on shares of United Rentals in a research note on Wednesday, June 10th. Finally, Truist Financial lifted their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,246.19.

Insiders Place Their Bets

In other United Rentals news, EVP William E. Grace sold 1,500 shares of the firm's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $1,133.15, for a total transaction of $1,699,725.00. Following the completion of the transaction, the executive vice president directly owned 6,062 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. 0.47% of the stock is currently owned by corporate insiders.

United Rentals 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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