KeyCorp Comments on United Rentals, Inc.’s FY2022 Earnings (NYSE:URI)

United Rentals, Inc. (NYSE:URIGet Rating) – Stock analysts at KeyCorp decreased their FY2022 earnings per share estimates for United Rentals in a report released on Monday, November 21st. KeyCorp analyst K. Newman now forecasts that the construction company will post earnings per share of $31.90 for the year, down from their previous forecast of $32.15. KeyCorp has a “Overweight” rating and a $425.00 price target on the stock. The consensus estimate for United Rentals’ current full-year earnings is $32.50 per share. KeyCorp also issued estimates for United Rentals’ Q3 2023 earnings at $10.09 EPS, Q4 2023 earnings at $10.09 EPS and FY2023 earnings at $34.49 EPS.

A number of other brokerages have also commented on URI. Sanford C. Bernstein lowered United Rentals from a “market perform” rating to an “underperform” rating and cut their price target for the company from $307.00 to $269.00 in a research note on Thursday, August 18th. StockNews.com lowered United Rentals from a “buy” rating to a “hold” rating in a research note on Friday, October 28th. Deutsche Bank Aktiengesellschaft cut their price target on United Rentals from $354.00 to $328.00 and set a “hold” rating on the stock in a research note on Thursday, October 13th. UBS Group lifted their price target on United Rentals from $365.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, November 16th. Finally, Citigroup lifted their price target on United Rentals to $375.00 in a research note on Tuesday, August 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $363.82.

United Rentals Stock Performance

NYSE:URI opened at $358.44 on Wednesday. The stock’s 50-day simple moving average is $304.44 and its 200 day simple moving average is $291.91. The firm has a market capitalization of $24.84 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 0.60 and a beta of 1.86. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 1.54. United Rentals has a twelve month low of $230.54 and a twelve month high of $376.94.

Institutional Investors Weigh In On United Rentals

Hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in United Rentals by 9.9% in the second quarter. Rhumbline Advisers now owns 137,504 shares of the construction company’s stock worth $33,401,000 after purchasing an additional 12,393 shares in the last quarter. Versor Investments LP increased its holdings in shares of United Rentals by 9.4% during the first quarter. Versor Investments LP now owns 1,607 shares of the construction company’s stock valued at $571,000 after acquiring an additional 138 shares in the last quarter. BlackRock Inc. increased its holdings in shares of United Rentals by 1.1% during the first quarter. BlackRock Inc. now owns 5,450,665 shares of the construction company’s stock valued at $1,936,131,000 after acquiring an additional 59,109 shares in the last quarter. Bowling Portfolio Management LLC bought a new stake in shares of United Rentals during the second quarter valued at approximately $864,000. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of United Rentals by 10.0% during the first quarter. Crossmark Global Holdings Inc. now owns 3,176 shares of the construction company’s stock valued at $1,128,000 after acquiring an additional 290 shares in the last quarter. 90.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Jose B. Alvarez acquired 177 shares of the business’s stock in a transaction that occurred on Friday, November 18th. The shares were bought at an average cost of $344.65 per share, with a total value of $61,003.05. Following the completion of the purchase, the director now directly owns 10,660 shares in the company, valued at $3,673,969. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by insiders.

United Rentals announced that its board has approved a stock buyback plan on Wednesday, October 26th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the construction company to buy up to 5.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About United Rentals

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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.

Further Reading

Earnings History and Estimates for United Rentals (NYSE:URI)

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