Walleye Capital LLC Acquires Shares of 151,664 McGrath RentCorp (NASDAQ:MGRC)

Walleye Capital LLC purchased a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 151,664 shares of the financial services provider's stock, valued at approximately $15,967,000. Walleye Capital LLC owned about 0.62% of McGrath RentCorp at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV increased its holdings in shares of McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider's stock worth $81,000 after buying an additional 188 shares during the last quarter. Covestor Ltd increased its stake in McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock worth $125,000 after acquiring an additional 161 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in 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 worth $213,000 after acquiring an additional 104 shares during the last quarter. Blue Trust Inc. purchased a new position in shares of McGrath RentCorp in the 2nd quarter worth about $383,000. Finally, Inspire Investing LLC lifted its stake in shares of McGrath RentCorp by 17.4% in the 3rd quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider's stock valued at $411,000 after purchasing an additional 577 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on MGRC shares. Oppenheimer increased their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Trading Up 0.5 %

NASDAQ:MGRC traded up $0.63 during mid-day trading on Friday, hitting $121.85. The company had a trading volume of 52,784 shares, compared to its average volume of 240,948. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 1.70 and a beta of 0.74. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The business has a fifty day simple moving average of $113.07 and a 200-day simple moving average of $108.80.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.48. The business had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. During the same period last year, the company posted $1.65 EPS. The company's revenue was up 9.5% compared to the same quarter last year. As a group, research analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued 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 1.56%. McGrath RentCorp's payout ratio is presently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of the business's stock in a transaction on 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 sale, the chief executive officer now directly owns 155,409 shares of the company's stock, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 completion of the sale, the director now directly owns 4,000 shares of the company's stock, valued at approximately $460,000. This trade represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,016 shares of company stock valued at $5,493,411. 1.60% of the stock is currently owned by corporate insiders.

McGrath RentCorp 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.