Hotchkis & Wiley Capital Management LLC Acquires New Stake in McGrath RentCorp (NASDAQ:MGRC)

Hotchkis & Wiley Capital Management LLC bought a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 60,630 shares of the financial services provider's stock, valued at approximately $6,383,000. Hotchkis & Wiley Capital Management LLC owned approximately 0.25% of McGrath RentCorp at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MGRC. River Road Asset Management LLC grew its holdings in McGrath RentCorp by 68.2% during the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider's stock valued at $131,324,000 after purchasing an additional 505,817 shares during the last quarter. Walleye Capital LLC bought a new position in shares of McGrath RentCorp in the third quarter worth about $15,967,000. Clearline Capital LP acquired a new position in shares of McGrath RentCorp during the third quarter worth approximately $11,976,000. FMR LLC increased its position in McGrath RentCorp by 3,120.0% during the third quarter. FMR LLC now owns 116,791 shares of the financial services provider's stock worth $12,296,000 after acquiring an additional 113,164 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its stake in McGrath RentCorp by 26.0% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider's stock valued at $51,803,000 after purchasing an additional 100,210 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director William J. Dawson sold 20,000 shares of the business's stock in a transaction that occurred 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 directly owns 4,000 shares of the company's stock, valued at approximately $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the chief executive officer now owns 155,409 shares in the company, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,016 shares of company stock valued at $5,493,411. 1.60% of the stock is owned by insiders.

McGrath RentCorp Trading Up 0.4 %

Shares of MGRC stock traded up $0.49 during trading hours on Friday, hitting $122.14. 95,715 shares of the company were exchanged, compared to its average volume of 238,481. The company has a market capitalization of $3.00 billion, a PE ratio of 13.30, a PEG ratio of 1.70 and a beta of 0.75. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The business has a 50 day moving average of $114.16 and a two-hundred day moving average of $109.13.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted 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 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%. McGrath RentCorp's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. On average, research analysts forecast that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp's payout ratio is 20.77%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. StockNews.com upgraded McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd. Oppenheimer raised their price target on McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a report on Friday, November 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.