McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its position in McGrath RentCorp (NASDAQ:MGRC) by 1.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 578,254 shares of the financial services provider’s stock after purchasing an additional 6,165 shares during the period. Geode Capital Management LLC owned approximately 2.36% of McGrath RentCorp worth $60,890,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MGRC. M&T Bank Corp purchased a new stake in McGrath RentCorp in the third quarter valued at approximately $1,901,000. Barclays PLC lifted its stake in McGrath RentCorp by 351.6% during the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider’s stock valued at $4,269,000 after acquiring an additional 31,575 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of McGrath RentCorp in the 3rd quarter valued at $656,000. XTX Topco Ltd acquired a new stake in shares of McGrath RentCorp in the third quarter worth $329,000. Finally, Jane Street Group LLC increased its stake in shares of McGrath RentCorp by 49.9% in the third quarter. Jane Street Group LLC now owns 39,171 shares of the financial services provider’s stock worth $4,124,000 after acquiring an additional 13,040 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $859,650. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Gilda Malek sold 919 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. Insiders sold a total of 47,935 shares of company stock valued at $5,605,327 in the last three months. 1.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MGRC has been the topic of several recent research reports. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Oppenheimer raised their target price on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, CJS Securities started coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target for the company.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $112.65 on Friday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The company’s fifty day moving average price is $116.68 and its 200 day moving average price is $109.76. The company has a market capitalization of $2.77 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.66 and a beta of 0.75.

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

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

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.