Principal Financial Group Inc. Trims Holdings in McGrath RentCorp (NASDAQ:MGRC)

Principal Financial Group Inc. lessened its stake in McGrath RentCorp (NASDAQ:MGRC) by 77.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,277 shares of the financial services provider’s stock after selling 7,702 shares during the period. Principal Financial Group Inc.’s holdings in McGrath RentCorp were worth $240,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares in the last quarter. Arizona State Retirement System grew its stake in McGrath RentCorp by 2.1% in the second quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock worth $732,000 after purchasing an additional 141 shares in the last quarter. Covestor Ltd increased its holdings in McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after buying an additional 161 shares during the last quarter. Sei Investments Co. raised its stake in McGrath RentCorp by 4.1% during the second quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock valued at $496,000 after buying an additional 183 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in McGrath RentCorp by 1.8% during the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after buying an additional 185 shares in the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MGRC. CJS Securities initiated coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target for the company. Oppenheimer boosted their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

McGrath RentCorp Stock Down 1.0 %

Shares of MGRC stock opened at $110.08 on Tuesday. The business has a 50 day moving average of $117.46 and a two-hundred day moving average of $110.24. The company has a market cap of $2.70 billion, a P/E ratio of 12.03, a PEG ratio of 1.66 and a beta of 0.77. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

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

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.73%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the transaction, the chief executive officer now owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,935 shares of company stock valued at $5,605,327 in the last ninety days. Company insiders own 1.60% of the company’s stock.

About McGrath RentCorp

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.