Murchinson Ltd. Cuts Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Murchinson Ltd. decreased its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 36.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,713 shares of the financial services provider's stock after selling 25,358 shares during the period. McGrath RentCorp comprises approximately 1.3% of Murchinson Ltd.'s portfolio, making the stock its 11th biggest holding. Murchinson Ltd. owned 0.18% of McGrath RentCorp worth $4,707,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of MGRC. 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 acquiring an additional 188 shares during the period. Covestor Ltd raised its holdings in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock valued at $125,000 after acquiring an additional 161 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider's stock valued at $213,000 after acquiring an additional 104 shares during the period. Blue Trust Inc. bought a new stake in McGrath RentCorp during the 2nd quarter valued at $383,000. Finally, Inspire Investing LLC raised its holdings in McGrath RentCorp by 17.4% during the 3rd quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider's stock valued at $411,000 after acquiring an additional 577 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Trading Up 0.8 %

Shares of McGrath RentCorp stock traded up $0.99 during trading on Wednesday, hitting $122.29. The stock had a trading volume of 34,096 shares, compared to its average volume of 239,413. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 1.70 and a beta of 0.75. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86. The business's 50-day moving average is $113.71 and its 200 day moving average is $108.96.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.39 by $0.48. The business had revenue of $266.76 million for 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 firm's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.65 earnings per share. As a group, equities analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were paid a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.55%. McGrath RentCorp's dividend payout ratio is presently 20.77%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the company's stock in a transaction dated Wednesday, October 30th. The shares were 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 directly 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 SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the company's stock in a transaction dated 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 owns 155,409 shares of the company's stock, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,016 shares of company stock valued at $5,493,411 over the last 90 days. 1.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGRC. StockNews.com raised shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 22nd. Oppenheimer upped their price target 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.

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.