Quest Partners LLC Trims Stake in McGrath RentCorp (NASDAQ:MGRC)

Quest Partners LLC lessened its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 84.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,540 shares of the financial services provider's stock after selling 8,449 shares during the quarter. Quest Partners LLC's holdings in McGrath RentCorp were worth $162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. CANADA LIFE ASSURANCE Co grew its stake in shares of McGrath RentCorp by 138.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider's stock valued at $1,144,000 after acquiring an additional 5,388 shares during the period. Janus Henderson Group PLC boosted its position in shares of McGrath RentCorp by 343.4% in the first quarter. Janus Henderson Group PLC now owns 48,852 shares of the financial services provider's stock worth $6,025,000 after purchasing an additional 37,834 shares during the period. Swedbank AB bought a new position in shares of McGrath RentCorp in the first quarter worth approximately $14,804,000. Chatham Capital Group Inc. increased its stake in shares of McGrath RentCorp by 1.1% in the second quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider's stock worth $2,734,000 after purchasing an additional 280 shares in the last quarter. Finally, Blue Trust Inc. bought a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $383,000. Institutional investors own 92.05% of the company's stock.

Insider Buying and Selling at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 15,840 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total value of $1,898,899.20. Following the completion of the transaction, the chief executive officer now directly owns 155,409 shares of the company's stock, valued at approximately $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J. Dawson sold 20,000 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the transaction, the director now owns 4,000 shares of the company's stock, valued at $460,000. This trade represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,016 shares of company stock worth $5,493,411 in the last quarter. 1.60% of the stock is owned by corporate insiders.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock traded up $0.63 on Friday, hitting $121.85. 52,784 shares of the company traded hands, compared to its average volume of 240,948. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The business has a 50-day simple moving average of $112.62 and a 200 day simple moving average of $108.70. The stock has a market capitalization of $2.99 billion, a P/E ratio of 13.25, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74.

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 net margin of 25.29% and a return on equity of 13.64%. The company had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. During the same period in the previous year, the firm posted $1.65 EPS. McGrath RentCorp's revenue for the quarter was up 9.5% compared to the same quarter last year. Research analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were paid 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 payout ratio is presently 20.77%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGRC shares. 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 objective on McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research note on Friday, November 22nd.

McGrath RentCorp 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.