Truist Financial Corp Trims Holdings in United Rentals, Inc. (NYSE:URI)

Truist Financial Corp decreased its holdings in shares of United Rentals, Inc. (NYSE:URI) by 12.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,602 shares of the construction company’s stock after selling 6,239 shares during the quarter. Truist Financial Corp’s holdings in United Rentals were worth $24,429,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC acquired a new position in United Rentals during the third quarter valued at approximately $281,000. Handelsbanken Fonder AB raised its position in United Rentals by 4.4% in the third quarter. Handelsbanken Fonder AB now owns 11,429 shares of the construction company’s stock valued at $5,081,000 after purchasing an additional 486 shares during the period. Valeo Financial Advisors LLC lifted its stake in shares of United Rentals by 21.3% during the third quarter. Valeo Financial Advisors LLC now owns 616 shares of the construction company’s stock worth $274,000 after purchasing an additional 108 shares in the last quarter. Golden State Equity Partners purchased a new stake in shares of United Rentals in the third quarter worth about $221,000. Finally, Commonwealth Equity Services LLC grew its stake in shares of United Rentals by 1.0% in the third quarter. Commonwealth Equity Services LLC now owns 44,623 shares of the construction company’s stock valued at $19,838,000 after buying an additional 446 shares in the last quarter. Hedge funds and other institutional investors own 96.26% of the company’s stock.

United Rentals Stock Up 3.2 %

URI stock opened at $712.62 on Tuesday. The firm has a market cap of $47.45 billion, a price-to-earnings ratio of 19.30, a PEG ratio of 2.10 and a beta of 1.84. United Rentals, Inc. has a 1-year low of $325.15 and a 1-year high of $732.37. The firm has a fifty day moving average price of $682.42 and a two-hundred day moving average price of $582.31. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.89 and a quick ratio of 0.83.

United Rentals (NYSE:URI) last posted its quarterly earnings results on Wednesday, April 24th. The construction company reported $9.15 EPS for the quarter, beating the consensus estimate of $8.35 by $0.80. The business had revenue of $3.49 billion during the quarter, compared to analyst estimates of $3.44 billion. United Rentals had a net margin of 17.31% and a return on equity of 36.44%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $7.95 EPS. Research analysts predict that United Rentals, Inc. will post 43.54 EPS for the current year.

United Rentals declared that its board has approved a stock repurchase program on Wednesday, January 24th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the construction company to buy up to 3.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

United Rentals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 8th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Tuesday, May 7th. United Rentals’s payout ratio is 17.66%.

Insider Buying and Selling

In related news, CFO William E. Grace sold 775 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $655.62, for a total transaction of $508,105.50. Following the completion of the transaction, the chief financial officer now directly owns 6,323 shares in the company, valued at approximately $4,145,485.26. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.49% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on URI. Morgan Stanley started coverage on United Rentals in a report on Monday, January 8th. They issued an “equal weight” rating and a $500.00 price target for the company. Oppenheimer reaffirmed a “market perform” rating on shares of United Rentals in a research note on Monday. BNP Paribas restated an “underperform” rating and set a $485.00 target price on shares of United Rentals in a research note on Friday, January 5th. Truist Financial increased their price target on United Rentals from $793.00 to $796.00 and gave the company a “buy” rating in a report on Monday. Finally, Wells Fargo & Company upped their target price on United Rentals from $630.00 to $710.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $600.79.

About United Rentals

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.