Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB) Shares Up 9.2% on Earnings Beat

Sunbelt Rentals Holdings, Inc. Common Stock (NYSE:SUNB)’s share price was up 9.2% on Wednesday following a better than expected earnings announcement. The stock traded as high as $76.78 and last traded at $75.6710. Approximately 3,421,891 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 4,140,687 shares. The stock had previously closed at $69.32.

The company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.19. The company had revenue of $3.12 billion for the quarter. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year.

Sunbelt Rentals Holdings, Inc. Common Stock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, July 10th. Sunbelt Rentals Holdings, Inc. Common Stock’s dividend payout ratio is presently 405.41%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays boosted their target price on shares of Sunbelt Rentals Holdings, Inc. Common Stock from $82.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, June 22nd. Citigroup decreased their price objective on shares of Sunbelt Rentals Holdings, Inc. Common Stock to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. Royal Bank Of Canada upgraded shares of Sunbelt Rentals Holdings, Inc. Common Stock from an “underperform” rating to a “sector perform” rating and set a $80.00 price objective for the company in a research report on Friday, June 19th. Sanford C. Bernstein restated an “outperform” rating and set a $96.00 target price on shares of Sunbelt Rentals Holdings, Inc. Common Stock in a research note on Tuesday, July 21st. Finally, JPMorgan Chase & Co. reduced their target price on Sunbelt Rentals Holdings, Inc. Common Stock from $74.00 to $71.00 and set an “underweight” rating on the stock in a report on Wednesday, September 2nd. Eight investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $83.67.

Insider Activity at Sunbelt Rentals Holdings, Inc. Common Stock

In other news, COO John Washburn sold 3,351 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.00, for a total value of $234,570.00. Following the completion of the transaction, the chief operating officer directly owned 72,394 shares in the company, valued at approximately $5,067,580. This represents a 4.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Sunbelt Rentals Holdings, Inc. Common Stock

Hedge funds and other institutional investors have recently bought and sold shares of the company. Anchor Capital Advisors LLC acquired a new position in Sunbelt Rentals Holdings, Inc. Common Stock in the 2nd quarter worth about $44,923,000. Raiffeisen Bank International AG bought a new position in Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at about $2,378,000. denkapparat Operations GmbH acquired a new stake in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter valued at about $1,114,000. Allianz Asset Management GmbH bought a new stake in shares of Sunbelt Rentals Holdings, Inc. Common Stock during the second quarter worth about $22,082,000. Finally, Broad Run Investment Management LLC acquired a new position in shares of Sunbelt Rentals Holdings, Inc. Common Stock in the second quarter valued at approximately $51,353,000.

Sunbelt Rentals Holdings, Inc. Common Stock Stock Up 8.7%

The company’s 50 day moving average is $74.68. The stock has a market capitalization of $30.88 billion and a P/E ratio of 102.09. The company has a current ratio of 0.90, a quick ratio of 0.83 and a debt-to-equity ratio of 0.95.

Sunbelt Rentals Holdings, Inc. Common Stock Company Profile

Sunbelt Rentals Holdings, Inc is a major equipment rental company that provides a broad range of rental solutions to construction, industrial, municipal and specialty markets. The company’s business centers on short- and long-term rental of equipment used for earthmoving, aerial access, material handling, power generation, climate control, pumps and general tools, supporting customers who need flexible access to capital-intensive assets without the expense of ownership.

In addition to physical equipment, Sunbelt Rentals offers complementary services designed to keep projects running efficiently.