Summit Financial LLC Has $7.42 Million Stake in United Rentals, Inc. (NYSE:URI)

Summit Financial LLC cut its stake in United Rentals, Inc. (NYSE:URI) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,535 shares of the construction company’s stock after selling 119 shares during the period. Summit Financial LLC’s holdings in United Rentals were worth $7,421,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of URI. Geode Capital Management LLC lifted its position in United Rentals by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,566,802 shares of the construction company’s stock worth $1,264,326,000 after buying an additional 9,256 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of United Rentals by 16.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,250,324 shares of the construction company’s stock worth $880,778,000 after acquiring an additional 172,340 shares during the last quarter. Franklin Resources Inc. raised its position in shares of United Rentals by 6.1% in the third quarter. Franklin Resources Inc. now owns 996,014 shares of the construction company’s stock valued at $862,110,000 after purchasing an additional 57,002 shares during the period. Norges Bank acquired a new stake in United Rentals during the fourth quarter worth approximately $695,716,000. Finally, JPMorgan Chase & Co. boosted its stake in United Rentals by 15.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 787,877 shares of the construction company’s stock valued at $637,968,000 after purchasing an additional 105,287 shares during the period. Institutional investors and hedge funds own 96.26% of the company’s stock.

Insider Activity

In related news, CFO William E. Grace sold 1,100 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $638.10, for a total transaction of $701,910.00. Following the transaction, the chief financial officer now directly owns 6,880 shares of the company’s stock, valued at approximately $4,390,128. This trade represents a 13.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company’s stock.

United Rentals Stock Down 2.9 %

United Rentals stock opened at $627.10 on Monday. The company has a market capitalization of $40.97 billion, a P/E ratio of 16.18, a P/E/G ratio of 1.43 and a beta of 1.76. The firm has a 50 day moving average price of $686.97 and a 200-day moving average price of $755.28. The company has a quick ratio of 0.92, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. United Rentals, Inc. has a twelve month low of $585.27 and a twelve month high of $896.98.

United Rentals (NYSE:URI) last released its quarterly earnings data on Wednesday, January 29th. The construction company reported $11.59 EPS for the quarter, missing the consensus estimate of $11.65 by ($0.06). United Rentals had a return on equity of 34.21% and a net margin of 16.78%. As a group, equities analysts predict that United Rentals, Inc. will post 44.8 EPS for the current year.

United Rentals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were paid a $1.79 dividend. The ex-dividend date of this dividend was Wednesday, February 12th. This is a boost from United Rentals’s previous quarterly dividend of $1.63. This represents a $7.16 annualized dividend and a yield of 1.14%. United Rentals’s dividend payout ratio is currently 18.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target 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. Robert W. Baird raised shares of United Rentals from an “underperform” rating to a “neutral” rating and set a $658.00 price objective for the company in a research note on Tuesday, January 14th. Bank of America reduced their price target on United Rentals from $850.00 to $750.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Truist Financial reaffirmed a “buy” rating and set a $956.00 target price (down from $963.00) on shares of United Rentals in a research report on Friday, January 31st. Finally, Citigroup decreased their target price on United Rentals from $985.00 to $835.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $804.15.

United Rentals Company Profile

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.