Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB) Short Interest Update

Key Points

• Short interest surged in Sunbelt Rentals Holdings, rising 134.1% in June to 11.8 million shares, with about 2.9% of the float sold short and a days-to-cover ratio of 1.3.
• The stock fell to $72.47 in Tuesday trading, below its 50-day moving average of $76.88, while still trading within its 12-month range of $61.03 to $86.68.
• Sunbelt Rentals recently reported Q2 earnings of $0.74 per share, slightly beating estimates, and declared a quarterly dividend of $0.75 per share, implying a 4.1% annualized yield.

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Get Free Report) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 11,824,713 shares, an increase of 134.1% from the June 15th total of 5,051,563 shares. Based on an average trading volume of 8,858,037 shares, the days-to-cover ratio is presently 1.3 days. Currently, 2.9% of the shares of the company are sold short.

Sunbelt Rentals Holdings, Inc. Common Stock Price Performance

Shares of SUNB traded down $1.35 during trading hours on Tuesday, reaching $72.47. 1,715,448 shares of the company's stock traded hands, compared to its average volume of 4,095,232. Sunbelt Rentals Holdings, Inc. Common Stock has a twelve month low of $61.03 and a twelve month high of $86.68. The stock has a fifty day simple moving average of $76.88. The company has a market cap of $29.70 billion and a price-to-earnings ratio of 97.93.

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 23rd. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. The company had revenue of $2.75 billion during the quarter. During the same period in the prior year, the firm earned $0.76 earnings per share.

Sunbelt Rentals Holdings, Inc. Common Stock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Friday, July 10th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Friday, July 10th. Sunbelt Rentals Holdings, Inc. Common Stock's payout ratio is 405.41%.

Insider Activity

In other news, COO John Washburn sold 3,351 shares of the company's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $70.00, for a total transaction of $234,570.00. Following the completion of the transaction, the chief operating officer owned 72,394 shares in the company, valued at approximately $5,067,580. This represents a 4.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SUNB shares. Zacks Research upgraded shares of Sunbelt Rentals Holdings, Inc. Common Stock to a "hold" rating in a research report on Monday, March 30th. Barclays raised their price target on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $82.00 to $90.00 and gave the company an "overweight" rating in a research note on Monday, June 22nd. Bank of America assumed coverage on Sunbelt Rentals Holdings, Inc. Common Stock in a report on Monday, March 16th. They set an "underperform" rating and a $62.00 price target on the stock. Citigroup reduced their price objective on Sunbelt Rentals Holdings, Inc. Common Stock to $90.00 and set a "buy" rating for the company in a research report on Wednesday, June 24th. Finally, KeyCorp reissued an "overweight" rating and issued a $85.00 price objective on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a report on Wednesday, June 24th. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $81.25.

About Sunbelt Rentals Holdings, Inc. Common Stock

Sunbelt Rentals Holdings, Inc is a major equipment rental company that provides a broad range of rental solutions to construction, industrial, municipal and specialty markets. The company's business centers on short- and long-term rental of equipment used for earthmoving, aerial access, material handling, power generation, climate control, pumps and general tools, supporting customers who need flexible access to capital-intensive assets without the expense of ownership.

In addition to physical equipment, Sunbelt Rentals offers complementary services designed to keep projects running efficiently.

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