McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Algert Global LLC

Algert Global LLC lessened its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 8.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,312 shares of the financial services provider’s stock after selling 1,310 shares during the quarter. Algert Global LLC owned 0.06% of McGrath RentCorp worth $1,507,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. River Road Asset Management LLC increased its position in McGrath RentCorp by 68.2% during the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after purchasing an additional 505,817 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in McGrath RentCorp by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock worth $79,546,000 after acquiring an additional 47,872 shares during the period. Alpine Associates Management Inc. boosted its holdings in McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after acquiring an additional 63,366 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in McGrath RentCorp by 26.0% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock worth $51,803,000 after acquiring an additional 100,210 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in McGrath RentCorp by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock worth $30,243,000 after acquiring an additional 8,428 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Buying and Selling

In related news, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares in the company, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William J. Dawson sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now owns 4,000 shares in the company, valued at $460,000. This trade represents a 83.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock worth $5,493,411 over the last ninety days. 1.60% of the stock is owned by insiders.

McGrath RentCorp Trading Down 0.4 %

McGrath RentCorp stock opened at $121.22 on Friday. The stock has a market cap of $2.98 billion, a P/E ratio of 13.25, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74. The stock has a 50 day moving average of $112.62 and a 200-day moving average of $108.70. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 EPS. As a group, equities analysts predict that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.57%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Analysts Set New Price Targets

MGRC has been the subject of a number of analyst reports. Oppenheimer upped their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.