Covenant Asset Management LLC Takes $493,000 Position in United Rentals, Inc. (NYSE:URI)

Covenant Asset Management LLC purchased a new stake in shares of United Rentals, Inc. (NYSE:URI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 700 shares of the construction company’s stock, valued at approximately $493,000.

Other large investors have also made changes to their positions in the company. ORG Wealth Partners LLC acquired a new stake in shares of United Rentals during the fourth quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of United Rentals during the third quarter valued at approximately $31,000. Carmichael Hill & Associates Inc. grew its position in United Rentals by 80.0% during the third quarter. Carmichael Hill & Associates Inc. now owns 45 shares of the construction company’s stock valued at $36,000 after purchasing an additional 20 shares in the last quarter. Hanson & Doremus Investment Management purchased a new position in United Rentals during the fourth quarter valued at approximately $33,000. Finally, HM Payson & Co. purchased a new position in United Rentals during the third quarter valued at approximately $41,000. Institutional investors and hedge funds own 96.26% of the company’s stock.

United Rentals Stock Performance

NYSE:URI opened at $741.10 on Friday. United Rentals, Inc. has a 1 year low of $596.48 and a 1 year high of $896.98. The firm’s fifty day simple moving average is $740.77 and its 200 day simple moving average is $769.54. The company has a current ratio of 0.98, a quick ratio of 0.92 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $48.40 billion, a PE ratio of 19.13, a PEG ratio of 1.54 and a beta of 1.68.

United Rentals (NYSE:URI) last posted its earnings results on Wednesday, January 29th. The construction company reported $11.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.65 by ($0.06). United Rentals had a net margin of 16.78% and a return on equity of 34.21%. On average, sell-side analysts anticipate that United Rentals, Inc. will post 44.93 EPS for the current year.

United Rentals Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th will be issued a $1.79 dividend. The ex-dividend date is Wednesday, February 12th. This is an increase from United Rentals’s previous quarterly dividend of $1.63. This represents a $7.16 dividend on an annualized basis and a yield of 0.97%. United Rentals’s dividend payout ratio is 16.83%.

Analysts Set New Price Targets

A number of research analysts recently commented on URI shares. Robert W. Baird raised shares of United Rentals from an “underperform” rating to a “neutral” rating and set a $658.00 price objective on the stock in a research report on Tuesday, January 14th. Baird R W raised shares of United Rentals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price objective on shares of United Rentals from $940.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Citigroup lowered their price objective on shares of United Rentals from $985.00 to $835.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Truist Financial reissued a “buy” rating and issued a $956.00 target price (down from $963.00) on shares of United Rentals in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, United Rentals currently has a consensus rating of “Moderate Buy” and a consensus price target of $814.08.

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.