United Rentals, Inc. $URI Stock Position Lessened by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management sharply reduced its United Rentals stake by 90.1% in the first quarter, selling 76,670 shares and leaving it with 8,459 shares worth about $6.16 million.
• United Rentals reported mixed quarterly results, with EPS of $9.71 missing estimates and revenue of $3.98 billion also below forecasts, though revenue still rose 7.2% year over year.
• Despite the earnings miss, analysts remain broadly positive: several firms raised price targets, and the stock currently carries a Moderate Buy consensus with a $1,070.50 average target price.

Assenagon Asset Management S.A. trimmed its holdings in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 90.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,459 shares of the construction company's stock after selling 76,670 shares during the period. Assenagon Asset Management S.A.'s holdings in United Rentals were worth $6,163,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. 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 acquiring an additional 1,577 shares during the period. Sei Investments Co. lifted its position 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 purchasing an additional 5,375 shares during the period. Treasurer of the State of North Carolina lifted its position 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 purchasing an additional 17,030 shares during the period. HUB Investment Partners LLC boosted its stake 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 valued at $1,661,000 after purchasing an additional 223 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its position in shares of United Rentals by 338.7% during the 2nd quarter. Diversify Advisory Services LLC now owns 1,654 shares of the construction company's stock valued at $1,246,000 after purchasing an additional 1,277 shares during the period. 96.26% of the stock is currently owned by institutional investors.

United Rentals Stock Performance

Shares of URI opened at $1,123.06 on Monday. The company has a 50-day moving average of $986.77 and a two-hundred day moving average of $882.32. The stock has a market cap of $70.36 billion, a price-to-earnings ratio of 28.65, a PEG ratio of 1.77 and a beta of 1.81. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.74. United Rentals, Inc. has a one year low of $701.59 and a one year high of $1,143.69.

United Rentals (NYSE:URI - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The construction company reported $9.71 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $11.47 by ($1.76). United Rentals had a net margin of 15.32% and a return on equity of 30.56%. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.20 billion. During the same quarter in the prior year, the firm earned $8.86 EPS. The firm's revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts expect that United Rentals, Inc. will post 47.26 earnings per share for the current year.

United Rentals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Wednesday, May 13th were issued a $1.97 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.7%. United Rentals's dividend payout ratio is presently 20.10%.

Insiders Place Their Bets

In other news, VP Andrew B. Limoges sold 548 shares of the firm's stock in a transaction on Friday, April 24th. The stock was sold at an average price of $977.86, for a total value of $535,867.28. Following the completion of the sale, the vice president owned 1,865 shares of the company's stock, valued at $1,823,708.90. This trade represents a 22.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Matthew John Flannery sold 22,768 shares of United Rentals stock in a transaction on Friday, April 24th. The shares were sold at an average price of $984.98, for a total value of $22,426,024.64. Following the transaction, the chief executive officer owned 99,980 shares in the company, valued at $98,478,300.40. This represents a 18.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 26,088 shares of company stock worth $25,628,877 over the last three months. Company insiders own 0.47% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. UBS Group boosted their price target on shares of United Rentals from $1,025.00 to $1,145.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Bank of America lifted their price objective on shares of United Rentals from $1,020.00 to $1,195.00 and gave the stock a "buy" rating in a research note on Thursday. Truist Financial set a $1,209.00 target price on shares of United Rentals in a report on Friday, April 24th. Royal Bank Of Canada increased their target price on shares of United Rentals from $1,041.00 to $1,119.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Finally, Robert W. Baird raised their target price on shares of United Rentals from $970.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, United Rentals presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,070.50.

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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