Fred Alger Management LLC Purchases Shares of 2,523 United Rentals, Inc. (NYSE:URI)

Fred Alger Management LLC acquired a new position in shares of United Rentals, Inc. (NYSE:URI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,523 shares of the construction company’s stock, valued at approximately $2,043,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in URI. Mayflower Financial Advisors LLC grew its stake in shares of United Rentals by 4.0% during the 3rd quarter. Mayflower Financial Advisors LLC now owns 339 shares of the construction company’s stock worth $274,000 after acquiring an additional 13 shares in the last quarter. Allen Capital Group LLC increased its stake in United Rentals by 4.2% in the 3rd quarter. Allen Capital Group LLC now owns 324 shares of the construction company’s stock valued at $262,000 after buying an additional 13 shares during the last quarter. First County Bank CT lifted its position in United Rentals by 3.2% during the 3rd quarter. First County Bank CT now owns 422 shares of the construction company’s stock worth $342,000 after buying an additional 13 shares in the last quarter. Duncker Streett & Co. Inc. boosted its stake in shares of United Rentals by 0.3% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 5,352 shares of the construction company’s stock worth $3,461,000 after buying an additional 14 shares during the last quarter. Finally, Ameritas Advisory Services LLC increased its position in shares of United Rentals by 3.8% in the second quarter. Ameritas Advisory Services LLC now owns 378 shares of the construction company’s stock valued at $244,000 after acquiring an additional 14 shares during the last quarter. 96.26% of the stock is currently owned by institutional investors and hedge funds.

United Rentals Price Performance

Shares of United Rentals stock opened at $866.00 on Monday. The company has a quick ratio of 0.77, a current ratio of 0.82 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $56.83 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 2.03 and a beta of 1.68. United Rentals, Inc. has a twelve month low of $473.58 and a twelve month high of $896.98. The company has a 50-day simple moving average of $828.46 and a two-hundred day simple moving average of $737.98.

United Rentals (NYSE:URI) last issued its quarterly earnings results on Wednesday, October 23rd. The construction company reported $11.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.49 by ($0.69). The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.01 billion. United Rentals had a return on equity of 34.73% and a net margin of 17.12%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the company earned $11.73 EPS. Analysts forecast that United Rentals, Inc. will post 43.46 EPS for the current year.

United Rentals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Wednesday, November 13th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date was Wednesday, November 13th. United Rentals’s dividend payout ratio (DPR) is presently 17.03%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Truist Financial raised their price target on United Rentals from $954.00 to $955.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Robert W. Baird upped their price target on shares of United Rentals from $565.00 to $650.00 and gave the stock an “underperform” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. lifted their price objective on shares of United Rentals from $780.00 to $940.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Bank of America upped their target price on shares of United Rentals from $800.00 to $910.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Barclays boosted their price target on United Rentals from $400.00 to $565.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, United Rentals presently has a consensus rating of “Hold” and an average target price of $751.67.

Insider Buying and Selling

In other United Rentals news, SVP Anthony S. Leopold sold 900 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $823.24, for a total transaction of $740,916.00. Following the completion of the transaction, the senior vice president now directly owns 2,044 shares in the company, valued at $1,682,702.56. The trade was a 30.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by company insiders.

United Rentals 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.