United Rentals, Inc. (NYSE:URI – Get Rating) – KeyCorp dropped their Q4 2022 EPS estimates for shares of United Rentals in a report released on Monday, November 21st. KeyCorp analyst K. Newman now forecasts that the construction company will post earnings per share of $9.14 for the quarter, down from their previous forecast of $9.39. KeyCorp has a “Overweight” rating and a $425.00 price objective on the stock. The consensus estimate for United Rentals’ current full-year earnings is $32.50 per share. KeyCorp also issued estimates for United Rentals’ Q1 2023 earnings at $6.33 EPS and Q2 2023 earnings at $7.98 EPS.
A number of other research firms have also issued reports on URI. UBS Group increased their price target on United Rentals from $365.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, November 16th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of United Rentals from $354.00 to $328.00 and set a “hold” rating for the company in a research note on Thursday, October 13th. Robert W. Baird increased their price objective on shares of United Rentals from $318.00 to $365.00 in a research report on Monday, November 14th. Morgan Stanley lifted their price objective on shares of United Rentals from $300.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Friday, October 28th. Finally, Sanford C. Bernstein downgraded shares of United Rentals from a “market perform” rating to an “underperform” rating and lowered their target price for the stock from $307.00 to $269.00 in a research note on Thursday, August 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $363.82.
United Rentals Trading Up 0.6 %
United Rentals declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 26th that authorizes the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Insiders Place Their Bets
In other news, Director Jose B. Alvarez bought 177 shares of United Rentals stock in a transaction dated Friday, November 18th. The stock was acquired at an average cost of $344.65 per share, with a total value of $61,003.05. Following the acquisition, the director now owns 10,660 shares of the company’s stock, valued at $3,673,969. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.53% of the company’s stock.
Hedge Funds Weigh In On United Rentals
Institutional investors have recently modified their holdings of the business. Toroso Investments LLC boosted its stake in United Rentals by 5.6% during the 3rd quarter. Toroso Investments LLC now owns 4,018 shares of the construction company’s stock worth $1,085,000 after purchasing an additional 214 shares during the period. CVA Family Office LLC grew its holdings in shares of United Rentals by 7.9% during the third quarter. CVA Family Office LLC now owns 823 shares of the construction company’s stock worth $222,000 after buying an additional 60 shares during the last quarter. IHT Wealth Management LLC grew its holdings in shares of United Rentals by 10.1% during the third quarter. IHT Wealth Management LLC now owns 2,023 shares of the construction company’s stock worth $546,000 after buying an additional 185 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in United Rentals by 5.0% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 5,579 shares of the construction company’s stock valued at $1,508,000 after acquiring an additional 268 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in United Rentals during the 3rd quarter valued at approximately $45,477,000. 90.41% of the stock is owned by institutional investors and hedge funds.
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.
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