United Rentals, Inc. (NYSE:URI) Position Raised by Harvey Capital Management Inc.

Harvey Capital Management Inc. raised its stake in United Rentals, Inc. (NYSE:URIGet Rating) by 123.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 21,491 shares of the construction company’s stock after buying an additional 11,864 shares during the quarter. United Rentals makes up about 2.4% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 15th largest holding. Harvey Capital Management Inc.’s holdings in United Rentals were worth $7,633,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of United Rentals during the fourth quarter valued at $238,172,000. Marshall Wace LLP acquired a new position in United Rentals during the fourth quarter worth about $87,926,000. Allspring Global Investments Holdings LLC acquired a new position in United Rentals during the fourth quarter worth about $58,220,000. Schonfeld Strategic Advisors LLC increased its stake in United Rentals by 6,738.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 122,197 shares of the construction company’s stock worth $40,605,000 after purchasing an additional 120,410 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in United Rentals by 143.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 196,188 shares of the construction company’s stock worth $65,191,000 after purchasing an additional 115,459 shares in the last quarter. Institutional investors own 89.70% of the company’s stock.

A number of equities analysts recently weighed in on URI shares. OTR Global cut United Rentals to a “positive” rating in a research note on Wednesday, June 22nd. UBS Group dropped their price target on United Rentals to $400.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. Wells Fargo & Company started coverage on United Rentals in a research note on Friday, March 11th. They issued an “overweight” rating and a $425.00 price target on the stock. StockNews.com cut United Rentals from a “buy” rating to a “hold” rating in a research note on Thursday, June 30th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of United Rentals from $421.00 to $396.00 in a report on Friday, April 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $388.00.

In related news, COO Dale A. Asplund sold 6,575 shares of the firm’s stock in a transaction on Friday, April 29th. The shares were sold at an average price of $318.58, for a total value of $2,094,663.50. Following the transaction, the chief operating officer now directly owns 26,666 shares in the company, valued at approximately $8,495,254.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shiv Singh purchased 173 shares of the firm’s stock in a transaction on Monday, May 9th. The stock was bought at an average price of $288.65 per share, for a total transaction of $49,936.45. Following the completion of the transaction, the director now directly owns 6,993 shares in the company, valued at $2,018,529.45. The disclosure for this purchase can be found here. Company insiders own 0.53% of the company’s stock.

Shares of URI opened at $244.36 on Tuesday. The company’s fifty day moving average is $279.16 and its 200-day moving average is $310.79. United Rentals, Inc. has a 12 month low of $230.54 and a 12 month high of $414.99. The firm has a market cap of $17.50 billion, a price-to-earnings ratio of 11.47, a price-to-earnings-growth ratio of 0.47 and a beta of 1.83. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 1.40.

United Rentals (NYSE:URIGet Rating) last announced its quarterly earnings results on Wednesday, April 27th. The construction company reported $5.73 EPS for the quarter, topping the consensus estimate of $5.28 by $0.45. United Rentals had a net margin of 15.22% and a return on equity of 31.29%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the business posted $3.45 EPS. United Rentals’s quarterly revenue was up 22.7% on a year-over-year basis. As a group, research analysts predict that United Rentals, Inc. will post 29.79 earnings per share for the current fiscal year.

United Rentals Profile (Get Rating)

United Rentals, Inc, through its subsidiaries, operates as an equipment rental company. It operates in two segments, General Rentals and Specialty. The General Rentals segment rents general construction and industrial equipment includes backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, such as boom and scissor lifts; and general tools and light equipment comprising pressure washers, water pumps, and power tools for construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities.

Further Reading

Institutional Ownership by Quarter for United Rentals (NYSE:URI)

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