Dynamic Technology Lab Private Ltd Acquires New Stake in McGrath RentCorp (NASDAQ:MGRC)

Dynamic Technology Lab Private Ltd acquired a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,748 shares of the financial services provider's stock, valued at approximately $816,000.

Several other large investors also recently modified their holdings of the company. Swedbank AB boosted its stake in McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider's stock worth $21,310,000 after acquiring an additional 80,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of McGrath RentCorp by 26.0% in 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 buying an additional 100,210 shares during the period. Quest Partners LLC bought a new stake in McGrath RentCorp in the 2nd quarter valued at about $1,064,000. CANADA LIFE ASSURANCE Co raised its stake in McGrath RentCorp by 138.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider's stock worth $1,144,000 after buying an additional 5,388 shares during the period. Finally, Alpine Associates Management Inc. raised its stake in McGrath RentCorp by 9.8% during the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider's stock worth $75,741,000 after buying an additional 63,366 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at McGrath RentCorp

In other news, CEO Joseph F. Hanna sold 15,840 shares of the company's 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 completion of the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now owns 205 shares in the company, valued at $23,985. This trade represents a 96.19 % 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 in the last quarter. 1.60% of the stock is currently owned by corporate insiders.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded down $0.52 during midday trading on Thursday, hitting $121.22. 124,752 shares of the company's stock were exchanged, compared to its average volume of 241,766. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86. The company has a market cap of $2.98 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74. The stock has a 50 day moving average price of $112.18 and a 200-day moving average price of $108.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) 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. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The firm had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same period in the previous year, the company posted $1.65 EPS. The company's revenue for the quarter was up 9.5% on a year-over-year basis. On average, analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company 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. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp's dividend payout ratio is 20.77%.

Analysts Set New Price Targets

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

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.