Westside Investment Management Inc. has raised its stake in United Rentals, Inc. (NYSE: URI) by 1.2% during the second quarter of 2023, as detailed in a recent filing with the Securities and Exchange Commission. This increase means that Westside now holds 5,558 shares of the construction equipment rental company’s stock, valued at approximately $4.19 million as of the latest report.
Several other institutional investors have also adjusted their positions in United Rentals. For instance, the Bank of Jackson Hole Trust increased its holdings by 12.0%, bringing its total to 112 shares, which are valued at $84,000 after acquiring an additional 12 shares. Similarly, MassMutual Private Wealth & Trust FSB raised its stake by 5.2%, resulting in ownership of 264 shares worth $199,000 after purchasing an additional 13 shares. Cooper Financial Group and American Trust also increased their investments by 1.6% and 1.1% respectively, while CX Institutional raised its stake by 2.5% during the same quarter.
The institutional ownership of United Rentals is substantial, with 96.26% of the stock held by institutional investors.
Current Performance and Future Outlook
As of Monday, October 1, 2023, United Rentals shares opened at $873.07. The company’s fifty-day simple moving average stands at $952.84, while the two-hundred-day simple moving average is $824.99. United Rentals has a current ratio of 0.90, a quick ratio of 0.84, and a debt-to-equity ratio of 1.40. The stock has fluctuated significantly over the past year, with a low of $525.91 and a high of $1,021.47. With a market capitalization of $55.55 billion, the company has a price-to-earnings (P/E) ratio of 22.46 and a P/E growth (P/E/G) ratio of 1.97.
In addition to its stock performance, United Rentals has announced a quarterly dividend of $1.79 per share, scheduled to be paid on November 26, 2023. Shareholders of record as of November 12, 2023 will receive this dividend, which translates to an annualized yield of 0.8% and a payout ratio of 18.42%.
Analyst Ratings and Outlook
A number of equity analysts have recently provided insights on United Rentals stock. Notably, Robert W. Baird upgraded the stock from a “neutral” to an “outperform” rating, increasing the target price from $888.00 to $1,050.00 in a research report dated October 1, 2023. Evercore ISI reiterated an “outperform” rating, while Morgan Stanley raised its target price from $702.00 to $955.00 with an “overweight” rating. Additionally, JPMorgan Chase & Co. lifted its price target from $1,000.00 to $1,150.00 with a similar rating.
Overall, two analysts have rated United Rentals stock as a “Strong Buy,” twelve have given it a “Buy” rating, five issued a “Hold” rating, and one analyst has assigned a “Sell” rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” with a consensus price target of $974.47.
United Rentals, Inc. operates as one of the largest equipment rental companies globally, serving a diverse clientele that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities. The company is divided into two segments: General Rentals and Specialty, providing a wide range of equipment for various applications.
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