Wellington Management Group LLP Sells 37,485 Shares of McGrath RentCorp (NASDAQ:MGRC)

Wellington Management Group LLP trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 6.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 561,598 shares of the financial services provider's stock after selling 37,485 shares during the period. Wellington Management Group LLP owned approximately 2.29% of McGrath RentCorp worth $59,125,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MGRC. Swedbank AB raised its stake in shares of McGrath RentCorp by 66.7% in the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider's stock valued at $21,310,000 after purchasing an additional 80,000 shares in the last quarter. Blue Trust Inc. bought a new stake in McGrath RentCorp in the 2nd quarter valued at $383,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of McGrath RentCorp by 26.0% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider's stock valued at $51,803,000 after buying an additional 100,210 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of McGrath RentCorp by 20.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 186,898 shares of the financial services provider's stock worth $19,914,000 after acquiring an additional 31,893 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of McGrath RentCorp by 4.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,085 shares of the financial services provider's stock valued at $648,000 after acquiring an additional 256 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Activity

In related news, VP David M. Whitney sold 5,176 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The shares were 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 $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 value of $2,300,000.00. Following the completion of the transaction, the director now owns 4,000 shares in the company, valued at $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is owned by corporate insiders.

McGrath RentCorp Stock Down 0.2 %

NASDAQ:MGRC traded down $0.28 on Wednesday, reaching $119.81. The stock had a trading volume of 124,264 shares, compared to its average volume of 237,120. The company has a market capitalization of $2.94 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.71 and a beta of 0.75. The stock has a fifty day moving average price of $115.06 and a 200-day moving average price of $109.31. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business 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 business earned $1.65 EPS. McGrath RentCorp's revenue was up 9.5% compared to the same quarter last year. Sell-side analysts predict that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MGRC. Oppenheimer increased their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. StockNews.com raised McGrath RentCorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 22nd. Finally, CJS Securities began coverage on McGrath RentCorp in a research note on Wednesday. They issued an "outperform" rating and a $152.00 price target on the stock.

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.