Victory Capital Management Inc. Boosts Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Victory Capital Management Inc. raised its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 6.8% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 755,570 shares of the financial services provider's stock after buying an additional 47,872 shares during the quarter. Victory Capital Management Inc. owned about 3.08% of McGrath RentCorp worth $79,546,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of MGRC. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of McGrath RentCorp by 5.4% in the third 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 in the last quarter. Sei Investments Co. increased its position in McGrath RentCorp by 2.9% during the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider's stock worth $552,000 after purchasing an additional 126 shares during the period. Arizona State Retirement System lifted its holdings in shares of McGrath RentCorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider's stock valued at $732,000 after buying an additional 141 shares during the period. Covestor Ltd boosted its stake in shares of McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock valued at $125,000 after buying an additional 161 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in McGrath RentCorp by 1.8% during the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider's stock worth $1,108,000 after acquiring an additional 185 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

Analyst Ratings Changes

MGRC has been the topic of several research analyst reports. Oppenheimer boosted their target price on shares of McGrath RentCorp from $120.00 to $124.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. StockNews.com raised McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday, October 22nd.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, Director William J. Dawson sold 20,000 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the completion of the sale, the director now directly owns 4,000 shares of the company's stock, valued at approximately $460,000. The trade was a 83.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the business'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 owns 155,409 shares of the company's stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,016 shares of company stock valued at $5,493,411 over the last three months. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Trading Up 0.9 %

Shares of NASDAQ:MGRC traded up $1.11 during midday trading on Thursday, hitting $120.57. 264,230 shares of the stock were exchanged, compared to its average volume of 245,066. The stock has a market cap of $2.96 billion, a P/E ratio of 13.02, a PEG ratio of 1.68 and a beta of 0.74. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The company has a 50 day moving average price of $108.77 and a 200-day moving average price of $107.89.

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 the consensus estimate of $1.39 by $0.48. The company had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.65 earnings per share. On average, equities research analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp's payout ratio is 20.77%.

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.