Loomis Sayles & Co. L P Has $9.46 Million Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Loomis Sayles & Co. L P trimmed its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 64.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,858 shares of the financial services provider's stock after selling 164,815 shares during the period. Loomis Sayles & Co. L P owned 0.37% of McGrath RentCorp worth $9,460,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Swedbank AB increased its holdings in McGrath RentCorp by 66.7% in the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider's stock valued at $21,310,000 after buying an additional 80,000 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in 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 valued at $51,803,000 after acquiring an additional 100,210 shares during the last quarter. Quest Partners LLC acquired a new position in McGrath RentCorp during the second quarter valued at approximately $1,064,000. CANADA LIFE ASSURANCE Co lifted its stake in McGrath RentCorp by 138.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider's stock worth $1,144,000 after purchasing an additional 5,388 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at $816,000. 92.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction that occurred 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 transaction, the vice president now directly owns 205 shares of the company's stock, valued at $23,985. The trade was a 96.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction that occurred 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock valued at $5,493,411 in the last ninety days. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Stock Down 0.4 %

Shares of NASDAQ MGRC traded down $0.52 during midday trading on Thursday, reaching $121.22. 124,752 shares of the company were exchanged, compared to its average volume of 241,766. The stock's 50-day moving average price is $112.18 and its 200-day moving average price is $108.62. The stock has a market cap of $2.98 billion, a P/E ratio of 13.25, a PEG 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 issued its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (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 business had revenue of $266.76 million during the quarter, compared to analysts' expectations of $227.76 million. During the same quarter in the prior year, the firm earned $1.65 EPS. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities research analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were given a dividend of $0.475 per share. The ex-dividend date was Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.57%. McGrath RentCorp's dividend payout ratio is presently 20.77%.

Analysts Set New Price Targets

A number of research firms have recently commented on MGRC. Oppenheimer boosted 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. StockNews.com raised McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd.

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.