Chevy Chase Trust Holdings LLC Reduces Stock Position in United Rentals, Inc. $URI

Chevy Chase Trust Holdings LLC lessened its stake in United Rentals, Inc. (NYSE:URI) by 4.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 33,174 shares of the construction company’s stock after selling 1,471 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in United Rentals were worth $31,670,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC grew its holdings in United Rentals by 650.0% in the 3rd quarter. Salomon & Ludwin LLC now owns 30 shares of the construction company’s stock valued at $29,000 after buying an additional 26 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in shares of United Rentals in the 3rd quarter worth $29,000. Cedar Mountain Advisors LLC purchased a new position in shares of United Rentals during the 3rd quarter worth $32,000. Loomis Sayles & Co. L P purchased a new position in shares of United Rentals during the 2nd quarter worth $28,000. Finally, Steigerwald Gordon & Koch Inc. acquired a new position in shares of United Rentals during the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 96.26% of the company’s stock.

United Rentals Price Performance

Shares of URI opened at $736.27 on Monday. The firm has a 50-day simple moving average of $867.74 and a two-hundred day simple moving average of $880.48. The stock has a market cap of $46.39 billion, a PE ratio of 19.03, a P/E/G ratio of 1.19 and a beta of 1.66. United Rentals, Inc. has a 1-year low of $525.91 and a 1-year high of $1,021.47. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.94 and a quick ratio of 0.88.

United Rentals (NYSE:URI) last issued its quarterly earnings data on Wednesday, January 28th. The construction company reported $11.09 EPS for the quarter, missing the consensus estimate of $11.86 by ($0.77). The company had revenue of $4.21 billion during the quarter, compared to analyst estimates of $4.24 billion. United Rentals had a return on equity of 30.35% and a net margin of 15.49%.The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $11.59 earnings per share. As a group, analysts forecast that United Rentals, Inc. will post 44.8 EPS for the current year.

United Rentals declared that its board has approved a stock buyback program on Wednesday, January 28th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the construction company to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

United Rentals Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Shareholders of record on Wednesday, February 11th were paid a dividend of $1.97 per share. This represents a $7.88 dividend on an annualized basis and a yield of 1.1%. This is a positive change from United Rentals’s previous quarterly dividend of $1.79. The ex-dividend date was Wednesday, February 11th. United Rentals’s payout ratio is currently 20.37%.

Insider Buying and Selling at United Rentals

In related news, EVP Michael D. Durand sold 2,490 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $791.14, for a total value of $1,969,938.60. Following the sale, the executive vice president owned 7,458 shares in the company, valued at approximately $5,900,322.12. The trade was a 25.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William E. Grace sold 1,498 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $790.89, for a total transaction of $1,184,753.22. Following the sale, the executive vice president directly owned 6,872 shares in the company, valued at $5,434,996.08. This represents a 17.90% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on URI shares. Royal Bank Of Canada dropped their price objective on shares of United Rentals from $1,123.00 to $1,041.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Robert W. Baird set a $970.00 target price on shares of United Rentals in a report on Friday, January 30th. KeyCorp set a $950.00 price target on shares of United Rentals in a research note on Friday, January 30th. JPMorgan Chase & Co. reduced their price target on shares of United Rentals from $1,150.00 to $970.00 and set an “overweight” rating on the stock in a research report on Friday, January 30th. Finally, Truist Financial set a $972.00 price objective on United Rentals in a report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $925.59.

About United Rentals

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.