Norges Bank Takes $695.72 Million Position in United Rentals, Inc. (NYSE:URI)

Norges Bank acquired a new stake in United Rentals, Inc. (NYSE:URI) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 987,615 shares of the construction company’s stock, valued at approximately $695,716,000. Norges Bank owned 1.51% of United Rentals as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in URI. Blair William & Co. IL boosted its position in shares of United Rentals by 18.4% during the 4th quarter. Blair William & Co. IL now owns 8,462 shares of the construction company’s stock worth $5,961,000 after acquiring an additional 1,315 shares in the last quarter. UniSuper Management Pty Ltd lifted its holdings in shares of United Rentals by 23.5% in the fourth quarter. UniSuper Management Pty Ltd now owns 5,235 shares of the construction company’s stock worth $3,688,000 after acquiring an additional 996 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of United Rentals by 7.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 105,045 shares of the construction company’s stock valued at $73,039,000 after purchasing an additional 7,465 shares during the last quarter. Ausdal Financial Partners Inc. bought a new stake in shares of United Rentals during the 4th quarter valued at approximately $216,000. Finally, Financial Counselors Inc. lifted its stake in United Rentals by 15.7% in the 4th quarter. Financial Counselors Inc. now owns 6,657 shares of the construction company’s stock valued at $4,689,000 after purchasing an additional 902 shares during the last quarter. 96.26% of the stock is currently owned by institutional investors and hedge funds.

United Rentals Stock Performance

NYSE:URI opened at $647.13 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.98 and a debt-to-equity ratio of 1.42. United Rentals, Inc. has a twelve month low of $585.27 and a twelve month high of $896.98. The company has a fifty day moving average of $689.85 and a 200-day moving average of $755.06. The firm has a market capitalization of $42.26 billion, a P/E ratio of 16.70, a P/E/G ratio of 1.43 and a beta of 1.76.

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

United Rentals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Wednesday, February 12th were issued a $1.79 dividend. This is a boost from United Rentals’s previous quarterly dividend of $1.63. This represents a $7.16 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Wednesday, February 12th. United Rentals’s dividend payout ratio (DPR) is currently 18.48%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on URI shares. Robert W. Baird raised shares of United Rentals from an “underperform” rating to a “neutral” rating and set a $658.00 target price on the stock in a research note on Tuesday, January 14th. Baird R W raised shares of United Rentals from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 14th. Evercore ISI reduced their price target on United Rentals from $1,004.00 to $974.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Citigroup lowered their price objective on United Rentals from $985.00 to $835.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Truist Financial reiterated a “buy” rating and issued a $956.00 target price (down from $963.00) on shares of United Rentals in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, United Rentals has a consensus rating of “Moderate Buy” and a consensus price target of $804.15.

Insider Buying and Selling

In other United Rentals news, CFO William E. Grace sold 1,100 shares of the company’s stock in a transaction on Monday, February 24th. The shares were 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 in the company, valued at approximately $4,390,128. This represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.53% of the stock is owned by company insiders.

About United Rentals

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.