Westside Investment Management Inc. has raised its stake in **United Rentals, Inc.** (NYSE: URI) by **1.2%** during the second quarter of 2023. This increase was detailed in a filing with the **Securities and Exchange Commission**, which revealed that Westside now holds **5,558 shares** of the construction equipment rental company after acquiring an additional **64 shares** during the period. As of the latest filing, Westside’s holdings are valued at approximately **$4,188,000**.
Other institutional investors have also adjusted their positions in United Rentals. The **Bank of Jackson Hole Trust** boosted its stake by **12.0%**, owning **112 shares** now valued at **$84,000** following the purchase of 12 additional shares. Similarly, **MassMutual Private Wealth & Trust FSB** increased its holdings by **5.2%**, bringing its total to **264 shares** worth **$199,000** after acquiring 13 more shares.
**Cooper Financial Group** raised its stake by **1.6%**, now holding **807 shares** valued at **$608,000**, while **American Trust** added **1.1%** to its holdings, totaling **1,242 shares** worth **$778,000** after acquiring 14 additional shares. Lastly, **CX Institutional** increased its stake by **2.5%**, now owning **585 shares** worth **$441,000** after purchasing 14 shares.
The institutional ownership of United Rentals stands at **96.26%**, reflecting strong confidence from major investors.
Stock Performance and Dividend Announcement
As of Monday, **October 1, 2023**, United Rentals opened at **$873.07**. The company’s fifty-day simple moving average is **$952.84**, while the two-hundred-day simple moving average is **$824.99**. Currently, 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 firm has recorded a **12-month low of $525.91** and a **12-month high of $1,021.47**. With a market capitalization of **$55.55 billion**, United Rentals demonstrates a **P/E ratio of 22.46** and a **P/E/G ratio of 1.97**, alongside a beta of **1.73**.
United Rentals also announced a quarterly dividend of **$1.79 per share**, scheduled for payment on **November 26, 2023**. Shareholders of record on **November 12, 2023**, will receive this dividend, which reflects an annualized total of **$7.16** and a dividend yield of **0.8%**. The company’s payout ratio stands at **18.42%**.
Analyst Ratings and Future Outlook
Recent evaluations from analysts indicate a positive outlook for United Rentals. **Robert W. Baird** upgraded the company’s stock from a “neutral” rating to “outperform,” raising the target price from **$888.00** to **$1,050.00** in a report on **October 1, 2023**. **Evercore ISI** reiterated an “outperform” rating in a report dated **August 19, 2023**.
**Morgan Stanley** also raised its target price from **$702.00** to **$955.00**, assigning an “overweight” rating in a report published on **July 28, 2023**. Additionally, **JPMorgan Chase & Co.** increased its price target from **$1,000.00** to **$1,150.00**, reflecting a similar “overweight” stance in a note dated **September 22, 2023**.
Currently, two research analysts have rated United Rentals with a Strong Buy, while twelve have issued Buy ratings, five have assigned a Hold rating, and one has placed a Sell rating. According to **MarketBeat**, the company enjoys an average rating of “Moderate Buy” with a consensus price target of **$974.47**.
As United Rentals continues to navigate the competitive landscape, the support from institutional investors and positive analyst ratings may position the company for sustained growth in the equipment rental sector.
