McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Raymond James & Associates

Raymond James & Associates boosted its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 47.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,140 shares of the financial services provider's stock after purchasing an additional 21,540 shares during the quarter. Raymond James & Associates owned about 0.27% of McGrath RentCorp worth $7,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGRC. SG Americas Securities LLC acquired a new stake in shares of McGrath RentCorp in the 1st quarter worth $171,000. TFG Advisers LLC acquired a new stake in McGrath RentCorp in the first quarter worth about $203,000. J.W. Cole Advisors Inc. purchased a new stake in shares of McGrath RentCorp during the first quarter worth about $210,000. Meeder Asset Management Inc. acquired a new position in shares of McGrath RentCorp during the first quarter valued at about $213,000. Finally, Aristides Capital LLC purchased a new position in shares of McGrath RentCorp in the 1st quarter valued at approximately $239,000. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insiders Place Their Bets

In related news, VP David M. Whitney sold 5,176 shares of the business'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 transaction, the vice president now directly owns 205 shares in the company, valued at approximately $23,985. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction of $605,592.00. Following the transaction, the vice president now owns 205 shares in the company, valued at approximately $23,985. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William J. Dawson sold 20,000 shares of the business's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at $460,000. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

McGrath RentCorp Stock Down 3.1 %

Shares of McGrath RentCorp stock traded down $3.58 on Thursday, reaching $113.70. 566,256 shares of the stock were exchanged, compared to its average volume of 244,702. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The business has a 50 day moving average price of $106.60 and a two-hundred day moving average price of $107.35. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 22.16, a PEG ratio of 1.82 and a beta of 0.75.

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 the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The firm had revenue of $266.76 million during the quarter, compared to analysts' expectations of $227.76 million. During the same quarter last year, the company posted $1.65 earnings per share. The firm's revenue was up 9.5% compared to the same quarter last year. Research analysts forecast that McGrath RentCorp will post 4.48 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.67%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp's dividend payout ratio is currently 37.04%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MGRC shares. StockNews.com upgraded shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd. Oppenheimer boosted their price objective on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an "outperform" rating in a report on Friday, October 25th.

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.