Harvey Capital Management Inc. Takes $14.07 Million Position in United Rentals, Inc. $URI

Harvey Capital Management Inc. acquired a new position in shares of United Rentals, Inc. (NYSE:URI) in the 2nd quarter, HoldingsChannel reports. The fund acquired 12,418 shares of the construction company’s stock, valued at approximately $14,068,000. United Rentals makes up 2.9% of Harvey Capital Management Inc.’s holdings, making the stock its 7th biggest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of URI. Woodline Partners LP lifted its position in United Rentals by 40.0% during the 1st quarter. Woodline Partners LP now owns 5,518 shares of the construction company’s stock worth $3,458,000 after acquiring an additional 1,577 shares during the last quarter. Sei Investments Co. grew its position in shares of United Rentals by 24.7% in the second quarter. Sei Investments Co. now owns 27,136 shares of the construction company’s stock valued at $20,444,000 after purchasing an additional 5,375 shares during the last quarter. Treasurer of the State of North Carolina grew its position in shares of United Rentals by 43.6% in the second quarter. Treasurer of the State of North Carolina now owns 56,057 shares of the construction company’s stock valued at $42,233,000 after purchasing an additional 17,030 shares during the last quarter. HUB Investment Partners LLC increased its stake in shares of United Rentals by 11.3% in the second quarter. HUB Investment Partners LLC now owns 2,205 shares of the construction company’s stock worth $1,661,000 after purchasing an additional 223 shares during the period. Finally, Diversify Advisory Services LLC increased its stake in shares of United Rentals by 338.7% in the second quarter. Diversify Advisory Services LLC now owns 1,654 shares of the construction company’s stock worth $1,246,000 after purchasing an additional 1,277 shares during the period. 96.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on URI shares. Raymond James Financial restated an “outperform” rating and set a $1,275.00 target price on shares of United Rentals in a research note on Wednesday, June 10th. Bank of America lifted their price target on United Rentals from $1,195.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Truist Financial upped their price target on United Rentals from $1,421.00 to $1,466.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Evercore reissued an “outperform” rating and issued a $1,101.00 price objective on shares of United Rentals in a research report on Monday, May 11th. Finally, UBS Group upped their target price on shares of United Rentals from $1,300.00 to $1,350.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,246.19.

Insiders Place Their Bets

In other United Rentals news, EVP William E. Grace sold 1,500 shares of United Rentals stock in a transaction on Friday, July 24th. The shares were sold at an average price of $1,133.15, for a total transaction of $1,699,725.00. Following the sale, the executive vice president owned 6,062 shares in the company, valued at $6,869,155.30. The trade was a 19.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by corporate insiders.

United Rentals Trading Down 1.8%

Shares of URI opened at $1,038.12 on Friday. The stock’s 50-day moving average price is $1,098.25 and its 200 day moving average price is $956.65. The company has a quick ratio of 0.70, a current ratio of 0.76 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $64.61 billion, a price-to-earnings ratio of 24.93, a P/E/G ratio of 1.36 and a beta of 1.80. United Rentals, Inc. has a 12-month low of $701.59 and a 12-month high of $1,179.18.

United Rentals (NYSE:URI) last announced its quarterly earnings data on Tuesday, July 21st. The construction company reported $12.76 EPS for the quarter, topping analysts’ consensus estimates of $11.53 by $1.23. United Rentals had a return on equity of 31.72% and a net margin of 15.67%.The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the company earned $10.47 EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, research analysts predict that United Rentals, Inc. will post 48.55 earnings per share for the current year.

United Rentals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were given a $1.97 dividend. This represents a $7.88 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Wednesday, August 12th. United Rentals’s dividend payout ratio (DPR) is 18.92%.

United Rentals Profile

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.