Corebridge Financial Inc. Cuts Stake in United Rentals, Inc. (NYSE:URI)

Corebridge Financial Inc. cut its stake in United Rentals, Inc. (NYSE:URI) by 2.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 16,812 shares of the construction company’s stock after selling 341 shares during the quarter. Corebridge Financial Inc.’s holdings in United Rentals were worth $11,843,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of United Rentals by 3.7% during the third quarter. FMR LLC now owns 2,416,568 shares of the construction company’s stock valued at $1,956,768,000 after acquiring an additional 85,325 shares during the last quarter. Geode Capital Management LLC raised its stake in United Rentals by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,566,802 shares of the construction company’s stock valued at $1,264,326,000 after purchasing an additional 9,256 shares during the last quarter. Franklin Resources Inc. lifted its holdings in United Rentals by 6.1% in the 3rd 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in United Rentals by 15.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 787,877 shares of the construction company’s stock worth $637,968,000 after purchasing an additional 105,287 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of United Rentals by 7.6% during the fourth quarter. Nordea Investment Management AB now owns 732,954 shares of the construction company’s stock worth $517,018,000 after buying an additional 52,037 shares in the last quarter. 96.26% of the stock is currently owned by institutional investors and hedge funds.

United Rentals Stock Up 1.0 %

Shares of URI opened at $653.71 on Wednesday. The company’s 50-day moving average price is $694.07 and its 200 day moving average price is $756.62. United Rentals, Inc. has a 12-month low of $585.27 and a 12-month high of $896.98. The company has a current ratio of 0.98, a quick ratio of 0.92 and a debt-to-equity ratio of 1.42. The firm has a market cap of $42.69 billion, a P/E ratio of 16.87, a price-to-earnings-growth ratio of 1.43 and a beta of 1.76.

United Rentals (NYSE:URI) last released its quarterly earnings results on Wednesday, January 29th. The construction company reported $11.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.65 by ($0.06). United Rentals had a net margin of 16.78% and a return on equity of 34.21%. On average, sell-side analysts forecast that United Rentals, Inc. will post 44.8 earnings per share for the current year.

United Rentals Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were paid a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a yield of 1.10%. This is a boost from United Rentals’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Wednesday, February 12th. United Rentals’s dividend payout ratio is 18.48%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Truist Financial reissued a “buy” rating and issued a $956.00 price target (down from $963.00) on shares of United Rentals in a research note on Friday, January 31st. Morgan Stanley decreased their target price on shares of United Rentals from $775.00 to $765.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Sanford C. Bernstein upgraded United Rentals from an “underperform” rating to a “market perform” rating and dropped their price target for the company from $705.00 to $666.00 in a research report on Tuesday. Citigroup reduced their price objective on United Rentals from $985.00 to $835.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Evercore ISI lowered their price objective on United Rentals from $1,004.00 to $974.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $804.15.

Insider Transactions at United Rentals

In related news, CFO William E. Grace sold 1,100 shares of the 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 owns 6,880 shares of the company’s stock, valued at approximately $4,390,128. This represents a 13.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

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.