雅虎香港財經 Is United Rentals (URI) Growing Above Market Rate?
Cooper Investors, an investment management firm, released its “Cooper Investors Global Equities Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -0.48% in the third quarter, compared to a -0.37% return for the benchmark MSCI ACWI. Global stocks closed lower at quarter-end due to rising bond yields, higher energy prices, and a strong dollar, which are typically unfriendly for equities. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Cooper Investors highlighted stocks like United Rentals, Inc. (NYSE:URI) in the third quarter 2023 investor letter. Headquartered in Stamford, Connecticut, United Rentals, Inc. (NYSE:URI) is an equipment rental company. On November 1, 2023, United Rentals, Inc. (NYSE:URI) stock closed at $409.48 per share. One-month return of United Rentals, Inc. (NYSE:URI) was 1.27%, and its shares gained 34.76% of their value over the last 52 weeks. United Rentals, Inc. (NYSE:URI) has a market capitalization of $28.914 billion.
Cooper Investors made the following comment about United Rentals, Inc. (NYSE:URI) in its Q3 2023 investor letter:
"Two recent additions to the portfolio are United Rentals, Inc. (NYSE:URI) and Ashtead Group (AHT). URI and AHT are the two largest equipment rental businesses in North America, serving non-residential construction and general industrial (MRO) markets. They offer thousands of products ranging from forklifts, scissor lifts and mobile cranes to small loaders, excavators, and air compressors. While fitting into our Cyclical subset, these businesses have an enviable history of generating attractive returns on invested capital and we see significant growth opportunities ahead.
Observable trends in the equipment rental sector are favourable. The industry is relatively young and continues to evolve into an attractive, more consolidated industry structure. URI and AHT are by far the largest two players in their industry and are growing at above market rates. There is a virtuous benefit to scale in this industry, driven by procurement advantages on equipment, better equipment availability and more opportunity to invest in technology that improves service levels…” (Click here to read the full text)
A construction crew working in the field with earthmoving equipment illuminated by a setting sun.
United Rentals, Inc. (NYSE:URI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held United Rentals, Inc. (NYSE:URI) at the end of second quarter which was 54 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
