Wedge Capital Management L L P NC Trims Holdings in United Rentals, Inc. $URI

Key Points

• Wedge Capital Management reduced its United Rentals stake by 7.7% in the second quarter, selling 1,101 shares and retaining 13,116 shares valued at approximately $14.9 million. Institutional investors collectively own 96.26% of the company.
• United Rentals reported quarterly EPS of $12.76 and revenue of $4.41 billion, beating analyst estimates while revenue grew 11.8% year over year. The stock was trading near $1,130.92, close to its 52-week high.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $1,246.19 price target. The company also declared a quarterly dividend of $1.97 per share, representing a 0.7% yield.

Wedge Capital Management L L P NC decreased its position in shares of United Rentals, Inc. (NYSE:URI - Free Report) by 7.7% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,116 shares of the construction company's stock after selling 1,101 shares during the quarter. Wedge Capital Management L L P NC's holdings in United Rentals were worth $14,859,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Core Wealth Advisors LLC bought a new stake in United Rentals in the 4th quarter valued at $28,000. MV Capital Management Inc. bought a new stake in shares of United Rentals in the 4th quarter worth about $28,000. Laurel Wealth Advisors LLC purchased a new stake in shares of United Rentals during the fourth quarter valued at $32,000. Hilton Head Capital Partners LLC bought a new position in United Rentals in the fourth quarter worth approximately $34,000. Finally, Frazier Financial Advisors LLC increased its position in United Rentals by 33.3% during the 1st quarter. Frazier Financial Advisors LLC now owns 56 shares of the construction company's stock valued at $41,000 after purchasing an additional 14 shares during the period. 96.26% of the stock is owned by hedge funds and other institutional investors.

United Rentals Price Performance

URI stock opened at $1,130.92 on Thursday. 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, Inc. has a fifty-two week low of $701.59 and a fifty-two week high of $1,179.18. The stock has a market cap of $70.39 billion, a price-to-earnings ratio of 27.16, a PEG ratio of 1.47 and a beta of 1.80. The business has a 50 day moving average price of $1,092.50 and a 200 day moving average price of $937.46.

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, topping analysts' consensus estimates of $11.53 by $1.23. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. United Rentals had a net margin of 15.67% and a return on equity of 31.72%. The company's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period last year, the firm posted $10.47 earnings per share. Equities research analysts anticipate that United Rentals, Inc. will post 48.55 earnings per share for the current fiscal year.

United Rentals Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on URI. Weiss Ratings raised United Rentals from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, July 23rd. Robert W. Baird set a $1,300.00 target price on shares of United Rentals in a research report on Friday, July 24th. UBS Group increased their target price on shares of United Rentals from $1,300.00 to $1,350.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Argus restated a "buy" rating and issued a $1,250.00 target price on shares of United Rentals in a research report on Tuesday, August 4th. Finally, KeyCorp restated an "overweight" rating and issued a $1,350.00 target price on shares of United Rentals in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,246.19.

Insider Transactions at United Rentals

In other news, EVP William E. Grace sold 1,500 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $1,133.15, for a total value of $1,699,725.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.47% of the company's stock.

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.

Want to see what other hedge funds are holding URI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Rentals, Inc. (NYSE:URI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source