United Rentals (NYSE:URI) Releases Quarterly Earnings Results, Beats Expectations By $0.80 EPS

United Rentals (NYSE:URI) posted its quarterly earnings data on Wednesday. The construction company reported $9.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.35 by $0.80, Briefing.com reports. United Rentals had a net margin of 17.31% and a return on equity of 36.85%. The business had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same period in the prior year, the firm earned $7.95 EPS. United Rentals’s quarterly revenue was up 6.1% compared to the same quarter last year. United Rentals updated its FY 2024 guidance to EPS.

United Rentals Stock Down 0.4 %

URI traded down $2.97 during trading on Friday, reaching $687.95. The company had a trading volume of 116,418 shares, compared to its average volume of 581,798. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.81 and a quick ratio of 0.75. United Rentals has a 12 month low of $325.15 and a 12 month high of $732.37. The business’s fifty day moving average price is $680.37 and its 200 day moving average price is $576.87. The company has a market cap of $46.21 billion, a P/E ratio of 18.71, a PEG ratio of 2.27 and a beta of 1.84.

United Rentals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 8th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.95%. The ex-dividend date is Tuesday, May 7th. United Rentals’s payout ratio is 17.66%.

Insider Buying and Selling at United Rentals

In other United Rentals news, CFO William E. Grace sold 775 shares of United Rentals stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $655.62, for a total value of $508,105.50. Following the transaction, the chief financial officer now owns 6,323 shares of the company’s stock, valued at $4,145,485.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on URI shares. The Goldman Sachs Group increased their price target on shares of United Rentals from $718.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Barclays increased their price objective on shares of United Rentals from $325.00 to $400.00 and gave the company an “underweight” rating in a research note on Friday, January 26th. Wells Fargo & Company increased their target price on shares of United Rentals from $630.00 to $710.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Evercore ISI raised their price objective on shares of United Rentals from $575.00 to $740.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, BNP Paribas restated an “underperform” rating and issued a $485.00 price objective on shares of United Rentals in a research report on Friday, January 5th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $589.21.

United Rentals declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 24th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 3.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.