Janus Henderson Group PLC Cuts Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Janus Henderson Group PLC trimmed its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 33.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,919 shares of the financial services provider's stock after selling 19,157 shares during the period. Janus Henderson Group PLC owned 0.15% of McGrath RentCorp worth $3,996,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. River Road Asset Management LLC boosted its holdings in McGrath RentCorp by 68.2% in 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 acquiring an additional 505,817 shares in the last quarter. Victory Capital Management Inc. grew its position in McGrath RentCorp by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider's stock worth $79,546,000 after purchasing an additional 47,872 shares during the last quarter. Alpine Associates Management Inc. increased 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 valued at $75,741,000 after purchasing an additional 63,366 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of McGrath RentCorp by 26.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider's stock worth $51,803,000 after buying an additional 100,210 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of McGrath RentCorp by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider's stock worth $30,243,000 after buying an additional 8,428 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

NASDAQ MGRC traded down $0.28 on Wednesday, reaching $119.81. 124,264 shares of the company's stock traded hands, compared to its average volume of 237,120. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.71 and a beta of 0.75. The stock has a 50 day moving average price of $115.37 and a 200-day moving average price of $109.38.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.48. The business 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%. The company's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.65 EPS. As a group, equities research analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGRC. CJS Securities assumed coverage on McGrath RentCorp in a research note on Wednesday. They issued an "outperform" rating and a $152.00 target price for the company. Oppenheimer increased their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a report on Friday, November 22nd. Finally, StockNews.com raised McGrath RentCorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 22nd.

Insiders Place Their Bets

In other news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.62, for a total value of $114,620.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $859,650. The trade was a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Dawson sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now owns 4,000 shares in the company, valued at $460,000. This trade represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,935 shares of company stock worth $5,605,327. Corporate insiders own 1.60% of the company's stock.

About McGrath RentCorp

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.