Principal Financial Group Inc. trimmed its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 77.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,277 shares of the financial services provider's stock after selling 7,702 shares during the quarter. Principal Financial Group Inc.'s holdings in McGrath RentCorp were worth $240,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Quest Partners LLC purchased a new stake in McGrath RentCorp during the second quarter valued at approximately $1,064,000. Dynamic Technology Lab Private Ltd purchased a new stake in McGrath RentCorp during the 3rd quarter valued at $816,000. Sanctuary Advisors LLC bought a new stake in McGrath RentCorp in the third quarter worth $548,000. Intech Investment Management LLC purchased a new position in McGrath RentCorp during the third quarter worth $797,000. Finally, Alpine Associates Management Inc. increased its position in McGrath RentCorp by 9.8% during the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider's stock valued at $75,741,000 after acquiring an additional 63,366 shares during the last quarter. Institutional investors own 92.05% of the company's stock.
Insiders Place Their Bets
In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the company's stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares in the company, valued at $23,985. This represents a 96.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gilda Malek sold 919 shares of the business's stock in a transaction on Monday, December 9th. The stock was 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. In the last ninety days, insiders sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
MGRC has been the subject of several analyst reports. Oppenheimer raised their target price on shares of 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 shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd. Finally, CJS Securities started coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They set an "outperform" rating and a $152.00 target price on the stock.
Read Our Latest Analysis on MGRC
McGrath RentCorp Trading Up 0.4 %
Shares of MGRC traded up $0.48 during trading hours on Tuesday, reaching $110.56. 151,135 shares of the company traded hands, compared to its average volume of 111,384. The stock's fifty day moving average price is $117.36 and its 200 day moving average price is $110.27. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.66 and a beta of 0.77. 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 issued its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $227.76 million. During the same period in the prior year, the firm earned $1.65 EPS. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. On average, research analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current year.
McGrath RentCorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.77%.
About McGrath RentCorp
(
Free Report)
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.
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