Jane Street Group LLC Grows Holdings in McGrath RentCorp (NASDAQ:MGRC)

Jane Street Group LLC raised its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 49.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,171 shares of the financial services provider's stock after purchasing an additional 13,040 shares during the quarter. Jane Street Group LLC owned 0.16% of McGrath RentCorp worth $4,124,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in MGRC. Two Sigma Advisers LP increased its stake in McGrath RentCorp by 125.9% during the third quarter. Two Sigma Advisers LP now owns 104,962 shares of the financial services provider's stock worth $11,050,000 after purchasing an additional 58,500 shares during the period. State Street Corp grew its holdings in shares of McGrath RentCorp by 2.2% in the third quarter. State Street Corp now owns 593,009 shares of the financial services provider's stock valued at $62,432,000 after purchasing an additional 12,520 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of McGrath RentCorp in the third quarter valued at approximately $238,000. Millburn Ridgefield Corp purchased a new stake in McGrath RentCorp during the 3rd quarter worth approximately $203,000. Finally, Hotchkis & Wiley Capital Management LLC acquired a new stake in McGrath RentCorp during the 3rd quarter worth approximately $6,383,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. CJS Securities initiated coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 price target for the company. Oppenheimer upped their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. Finally, StockNews.com upgraded McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd.

Insider Buying and Selling

In related news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction on Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Joseph F. Hanna sold 15,840 shares of the company'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 completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 47,935 shares of company stock worth $5,605,327 over the last 90 days. 1.60% of the stock is owned by insiders.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC traded down $2.38 during trading hours on Thursday, reaching $111.98. The stock had a trading volume of 127,824 shares, compared to its average volume of 234,813. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The firm's 50 day moving average is $116.57 and its 200-day moving average is $109.69. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 1.68 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $227.76 million. During the same quarter in the prior year, the company posted $1.65 earnings per share. McGrath RentCorp's revenue for the quarter was up 9.5% compared to the same quarter last year. Analysts forecast that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Friday, January 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 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.