Intech Investment Management LLC purchased a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,566 shares of the financial services provider's stock, valued at approximately $797,000.
Several other large investors have also recently modified their holdings of the business. KBC Group NV raised its stake in shares of McGrath RentCorp by 32.5% during the third quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after acquiring an additional 188 shares during the last quarter. Victory Capital Management Inc. raised its stake in McGrath RentCorp by 6.8% during the third quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider's stock worth $79,546,000 after buying an additional 47,872 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in McGrath RentCorp by 6.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 18,263 shares of the financial services provider's stock worth $1,923,000 after buying an additional 1,181 shares during the last quarter. Covestor Ltd raised 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 buying an additional 161 shares during the last quarter. Finally, River Road Asset Management LLC raised its stake 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 worth $131,324,000 after buying an additional 505,817 shares during the last quarter. Institutional investors own 92.05% of the company's stock.
Insiders Place Their Bets
In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares of the company's stock, valued at $23,985. The trade was a 96.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the business'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 transaction 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 approximately $18,630,430.92. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,016 shares of company stock valued at $5,493,411 in the last quarter. Corporate insiders own 1.60% of the company's stock.
Wall Street Analyst Weigh In
MGRC has been the subject of a number of analyst reports. StockNews.com raised shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd. Oppenheimer lifted their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research note on Friday, November 22nd.
Check Out Our Latest Stock Analysis on McGrath RentCorp
McGrath RentCorp Price Performance
NASDAQ MGRC traded up $0.63 during mid-day trading on Friday, reaching $121.85. 52,784 shares of the stock were exchanged, compared to its average volume of 240,948. The stock has a 50 day simple moving average of $113.07 and a 200-day simple moving average of $108.80. The stock has a market cap of $2.99 billion, a P/E ratio of 13.32, a P/E/G ratio of 1.70 and a beta of 0.74. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.48. The business had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. McGrath RentCorp's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.65 EPS. Sell-side analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.
McGrath RentCorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.56%. McGrath RentCorp's dividend payout ratio is presently 20.77%.
McGrath RentCorp Company Profile
(
Free Report)
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.
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