McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC boosted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 8.0% in the third quarter, HoldingsChannel.com reports. The firm owned 7,985 shares of the financial services provider’s stock after acquiring an additional 590 shares during the period. Janney Montgomery Scott LLC’s holdings in McGrath RentCorp were worth $841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in shares of McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 104 shares during the last quarter. Sei Investments Co. boosted its position in McGrath RentCorp by 2.9% during the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 126 shares during the period. Arizona State Retirement System grew its stake in McGrath RentCorp by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock worth $732,000 after buying an additional 141 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in McGrath RentCorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after buying an additional 185 shares during the period. Finally, Cim LLC lifted its stake in McGrath RentCorp by 4.6% in the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after buying an additional 205 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analysts Set New Price Targets

MGRC has been the subject of several recent research reports. Oppenheimer upped their price target on shares of McGrath RentCorp from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Insiders Place Their Bets

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

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $116.81 on Friday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 1.67 and a beta of 0.74. The business has a 50 day simple moving average of $109.43 and a 200 day simple moving average of $108.02.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly 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 return on equity of 13.64% and a net margin of 25.29%. The company had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. During the same quarter in the prior year, the business posted $1.65 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.63%. McGrath RentCorp’s payout ratio is 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.