Zurcher Kantonalbank Zurich Cantonalbank Purchases 6,700 Shares of United Rentals, Inc. $URI

Key Points

• Zurcher Kantonalbank boosted its stake in United Rentals by 19.2%, buying an additional 6,700 shares to hold 41,683 shares worth about $33.735 million.
• United Rentals authorized a $5.0 billion share buyback (up to 8.7% of shares) and raised its quarterly dividend to $1.97 ($7.88 annualized), while its latest quarter missed estimates with EPS of $11.09 versus a $11.86 consensus.
• Sell-side analysts have a consensus rating of "Moderate Buy" with an average price target of $914.88, and several brokers issuing targets in the ~$950–$1,071 range.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in United Rentals, Inc. (NYSE:URI - Free Report) by 19.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,683 shares of the construction company's stock after purchasing an additional 6,700 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.07% of United Rentals worth $33,735,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in URI. Optas LLC grew its holdings in United Rentals by 0.9% in the third quarter. Optas LLC now owns 1,174 shares of the construction company's stock worth $1,121,000 after purchasing an additional 10 shares during the period. OFI Invest Asset Management grew its holdings in United Rentals by 6.7% in the third quarter. OFI Invest Asset Management now owns 175 shares of the construction company's stock worth $167,000 after purchasing an additional 11 shares during the period. Gleason Group Inc. grew its holdings in United Rentals by 4.3% in the fourth quarter. Gleason Group Inc. now owns 269 shares of the construction company's stock worth $218,000 after purchasing an additional 11 shares during the period. Bridgewater Advisors Inc. grew its holdings in United Rentals by 1.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 967 shares of the construction company's stock worth $783,000 after purchasing an additional 11 shares during the period. Finally, Great Valley Advisor Group Inc. grew its holdings in United Rentals by 2.9% in the second quarter. Great Valley Advisor Group Inc. now owns 387 shares of the construction company's stock worth $292,000 after purchasing an additional 11 shares during the period. Institutional investors own 96.26% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on URI. Truist Financial set a $972.00 price objective on shares of United Rentals in a report on Friday, January 30th. Citigroup cut their price objective on shares of United Rentals from $1,090.00 to $950.00 and set a "buy" rating on the stock in a report on Monday, February 2nd. KeyCorp set a $950.00 price objective on shares of United Rentals in a report on Friday, January 30th. Wells Fargo & Company increased their price target on shares of United Rentals from $995.00 to $1,071.00 and gave the stock an "overweight" rating in a research report on Friday, January 23rd. Finally, Robert W. Baird set a $970.00 price target on shares of United Rentals in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $914.88.

Insider Buying and Selling at United Rentals

In related news, EVP Michael D. Durand sold 2,490 shares of the firm's stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total transaction of $1,969,938.60. Following the completion of the transaction, the executive vice president directly owned 7,458 shares of the company's stock, valued at approximately $5,900,322.12. This trade represents a 25.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP William E. Grace sold 1,498 shares of the firm's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $790.89, for a total transaction of $1,184,753.22. Following the transaction, the executive vice president directly owned 6,872 shares of the company's stock, valued at $5,434,996.08. The trade was a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.47% of the company's stock.

United Rentals Trading Down 0.6%

Shares of United Rentals stock opened at $807.16 on Wednesday. The company has a market capitalization of $50.76 billion, a P/E ratio of 20.87, a P/E/G ratio of 1.31 and a beta of 1.68. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.88 and a current ratio of 0.94. The company has a fifty day moving average of $792.33 and a 200 day moving average of $841.99. United Rentals, Inc. has a fifty-two week low of $557.05 and a fifty-two week high of $1,021.47.

United Rentals (NYSE:URI - Get Free Report) last issued its earnings results on Wednesday, January 28th. The construction company reported $11.09 earnings per share for the quarter, missing the consensus estimate of $11.86 by ($0.77). The firm had revenue of $4.21 billion during the quarter, compared to the consensus estimate of $4.24 billion. United Rentals had a return on equity of 30.35% and a net margin of 15.49%.The company's quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $11.59 EPS. On average, sell-side analysts anticipate that United Rentals, Inc. will post 46.6 earnings per share for the current fiscal year.

United Rentals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were issued a $1.97 dividend. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $7.88 annualized dividend and a yield of 1.0%. This is an increase from United Rentals's previous quarterly dividend of $1.79. United Rentals's payout ratio is currently 20.37%.

United Rentals declared that its board has authorized a stock buyback plan on Wednesday, January 28th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the construction company to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

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.

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.