Here’s Why ClearBridge SMID Cap Growth Strategy Exited United Rentals (URI)
ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the benchmark Russell 2500 Growth Index in the fourth quarter with strong stock selection in the information technology ('IT') and consumer discretionary sectors overcoming detractors in the consumer staples sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge SMID Cap Growth Strategy featured stocks like United Rentals, Inc. (NYSE:URI) in the fourth quarter 2023 investor letter. Headquartered in Stamford, Connecticut, United Rentals, Inc. (NYSE:URI) is an equipment rental company. On March 21, 2024, United Rentals, Inc. (NYSE:URI) stock closed at $719.05 per share. One-month return of United Rentals, Inc. (NYSE:URI) was 9.59%, and its shares gained 94.56% of their value over the last 52 weeks. United Rentals, Inc. (NYSE:URI) has a market capitalization of $48.314 billion.
ClearBridge SMID Cap Growth Strategy stated the following regarding United Rentals, Inc. (NYSE:URI) in its fourth quarter 2023 investor letter:
"We exited our position in United Rentals, Inc. (NYSE:URI), in the industrials sector, an equipment rental company for general construction and industrial equipment. Despite being a long-term holding and having a history of strong stock price performance, we sold the stock because the company’s market capitalization exceeded a level that we judged appropriate for a SMID strategy."
An aerial view of a construction site, the lift Boom of the specialization equipment rental services truck in the center.
United Rentals, Inc. (NYSE:URI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, United Rentals, Inc. (NYSE:URI) was held by 48 hedge fund portfolios, compared to 40 in the previous quarter, according to our database.
We discussed United Rentals, Inc. (NYSE:URI) in another article and shared Cooper Investors' views on the company. In addition, please check out our hedge fund investor letters Q4 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.
