Centiva Capital LP Raises Stake in McGrath RentCorp (NASDAQ:MGRC)

Centiva Capital LP increased its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 107.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,519 shares of the financial services provider's stock after acquiring an additional 4,411 shares during the quarter. Centiva Capital LP's holdings in McGrath RentCorp were worth $897,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. KBC Group NV raised its holdings in shares of McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after buying an additional 188 shares during the last quarter. Covestor Ltd lifted its position in McGrath RentCorp by 15.8% during the 3rd 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 period. Wealth Enhancement Advisory Services LLC grew its stake in shares of McGrath RentCorp by 5.4% in the 3rd 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. Blue Trust Inc. purchased a new stake in shares of McGrath RentCorp during the second quarter worth approximately $383,000. Finally, Inspire Investing LLC lifted its holdings in shares of McGrath RentCorp by 17.4% during the third quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider's stock worth $411,000 after purchasing an additional 577 shares during the period. Institutional investors and hedge funds own 92.05% of the company's stock.

Analysts Set New Price Targets

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

Insider Activity

In other news, Director William J. Dawson sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 29th. The shares were 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 of the company's stock, valued at $460,000. This trade represents a 83.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction that occurred 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 represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,016 shares of company stock worth $5,493,411 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

McGrath RentCorp Trading Up 0.4 %

Shares of MGRC traded up $0.49 during trading hours on Friday, reaching $122.14. The company had a trading volume of 95,712 shares, compared to its average volume of 238,481. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 1.70 and a beta of 0.75. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The firm has a 50 day simple moving average of $114.16 and a 200-day simple moving average of $109.13.

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

McGrath RentCorp Announces Dividend

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

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.