Principal Financial Group Inc. Sells 7,702 Shares of McGrath RentCorp (NASDAQ:MGRC)

Principal Financial Group Inc. lessened its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 77.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,277 shares of the financial services provider's stock after selling 7,702 shares during the period. 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 and hedge funds have also recently added to or reduced their stakes in the company. River Road Asset Management LLC boosted its stake in McGrath RentCorp by 68.2% in the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider's stock worth $131,324,000 after purchasing an additional 505,817 shares during the period. Janney Montgomery Scott LLC lifted its stake in McGrath RentCorp by 8.0% during the third quarter. Janney Montgomery Scott LLC now owns 7,985 shares of the financial services provider's stock worth $841,000 after purchasing an additional 590 shares during the last quarter. Semanteon Capital Management LP purchased a new stake in McGrath RentCorp in the third quarter worth approximately $537,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider's stock worth $213,000 after acquiring an additional 104 shares in the last quarter. Finally, Dakota Wealth Management lifted its stake in McGrath RentCorp by 3.9% in the third quarter. Dakota Wealth Management now owns 6,098 shares of the financial services provider's stock worth $642,000 after purchasing an additional 228 shares during the last quarter. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Up 0.2 %

Shares of NASDAQ MGRC traded up $0.25 during trading on Tuesday, reaching $121.74. The company had a trading volume of 103,686 shares, compared to its average volume of 242,278. The stock has a market cap of $2.99 billion, a PE ratio of 13.30, a P/E/G ratio of 1.69 and a beta of 0.74. 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 $111.73 and its 200 day moving average is $108.53.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating 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 firm 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 company posted $1.65 earnings per share. The company's quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other news, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction on 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 transaction, the chief executive officer now owns 155,409 shares in the company, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP David M. Whitney sold 5,176 shares of the company's stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares of the company's stock, valued at approximately $23,985. The trade was a 96.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,016 shares of company stock valued at $5,493,411. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MGRC has been the subject of several recent research reports. StockNews.com upgraded McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd. Oppenheimer lifted 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.

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.