Swedbank AB Increases Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB raised its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 25.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 250,000 shares of the financial services provider's stock after buying an additional 50,000 shares during the period. Swedbank AB owned about 1.02% of McGrath RentCorp worth $26,320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of McGrath RentCorp by 26.0% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider's stock worth $51,803,000 after purchasing an additional 100,210 shares in the last quarter. Quest Partners LLC bought a new position in McGrath RentCorp during the second quarter valued at approximately $1,064,000. CANADA LIFE ASSURANCE Co raised its stake in shares of 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 acquiring an additional 5,388 shares in the last quarter. Alpine Associates Management Inc. lifted its holdings in shares of McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider's stock worth $75,741,000 after acquiring an additional 63,366 shares during the last quarter. Finally, Dark Forest Capital Management LP boosted its stake in shares of McGrath RentCorp by 205.6% in the 2nd quarter. Dark Forest Capital Management LP now owns 9,696 shares of the financial services provider's stock valued at $1,033,000 after purchasing an additional 6,523 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

Shares of MGRC traded up $0.25 on Tuesday, reaching $121.74. The stock had a trading volume of 81,972 shares, compared to its average volume of 242,183. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 1.69 and a beta of 0.74. The company has a 50-day simple moving average of $111.34 and a 200-day simple moving average of $108.44. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The business had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. During the same quarter in the previous year, the firm posted $1.65 earnings per share. McGrath RentCorp's quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts expect that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.56%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp's dividend payout ratio is currently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the firm'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 transaction of $605,592.00. Following the sale, the vice president now owns 205 shares in the company, valued at approximately $23,985. This trade represents a 96.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John P. Skenesky sold 5,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.86, for a total transaction of $574,300.00. Following the completion of the sale, the vice president now directly owns 8,711 shares of the company's stock, valued at approximately $1,000,545.46. This trade represents a 36.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,016 shares of company stock worth $5,493,411. Insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Oppenheimer raised their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research report on Friday. StockNews.com raised shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd.

McGrath RentCorp Company 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.