Fmr LLC Grows Stock Position in McGrath RentCorp (NASDAQ:MGRC)

FMR LLC raised its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 3,120.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,791 shares of the financial services provider's stock after acquiring an additional 113,164 shares during the period. FMR LLC owned approximately 0.48% of McGrath RentCorp worth $12,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of McGrath RentCorp during the 3rd quarter worth approximately $816,000. Swedbank AB raised its holdings in McGrath RentCorp by 25.0% during the 3rd quarter. Swedbank AB now owns 250,000 shares of the financial services provider's stock valued at $26,320,000 after buying an additional 50,000 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in McGrath RentCorp by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider's stock valued at $30,243,000 after buying an additional 8,428 shares during the period. Intech Investment Management LLC purchased a new stake in McGrath RentCorp during the 3rd quarter valued at $797,000. Finally, KBC Group NV raised its holdings in McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after buying an additional 188 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Trading Up 0.2 %

Shares of MGRC traded up $0.27 during midday trading on Thursday, reaching $120.08. 81,082 shares of the stock were exchanged, compared to its average volume of 236,419. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The company's 50 day moving average is $115.37 and its two-hundred day moving average is $109.38. The company has a market capitalization of $2.95 billion, a P/E ratio of 13.09, a PEG ratio of 1.71 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the prior year, the company earned $1.65 EPS. The business's revenue was up 9.5% compared to the same quarter last year. On average, sell-side analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

Insider Activity at McGrath RentCorp

In related news, VP David M. Whitney sold 5,176 shares of the firm's stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the sale, the vice president now owns 205 shares of the company's stock, valued at $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Gilda Malek sold 919 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The disclosure for this sale can be found here. Insiders have sold a total of 47,935 shares of company stock valued at $5,605,327 over the last quarter. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on MGRC. StockNews.com raised McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a research report on Friday, November 22nd. Finally, CJS Securities began coverage on McGrath RentCorp in a research report on Wednesday. They issued an "outperform" rating and a $152.00 price objective on the stock.

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.