McGrath RentCorp (NASDAQ:MGRC) Stake Lessened by Wealth Architects LLC

Wealth Architects LLC decreased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 19.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,401 shares of the financial services provider’s stock after selling 2,000 shares during the period. Wealth Architects LLC’s holdings in McGrath RentCorp were worth $884,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its holdings in shares of McGrath RentCorp by 9.9% in the first quarter. BNP Paribas Financial Markets now owns 21,971 shares of the financial services provider’s stock valued at $2,711,000 after buying an additional 1,976 shares during the period. GSA Capital Partners LLP lifted its holdings in McGrath RentCorp by 230.5% in the 1st quarter. GSA Capital Partners LLP now owns 5,529 shares of the financial services provider’s stock valued at $682,000 after acquiring an additional 3,856 shares during the last quarter. TFG Advisers LLC bought a new position in shares of McGrath RentCorp during the 1st quarter valued at about $203,000. Quantbot Technologies LP acquired a new position in shares of McGrath RentCorp in the 1st quarter worth approximately $1,008,000. Finally, SG Americas Securities LLC bought a new stake in shares of McGrath RentCorp in the 1st quarter worth approximately $171,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

MGRC stock opened at $122.55 on Thursday. The firm has a market capitalization of $3.01 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.62 and a beta of 0.74. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company’s 50 day simple moving average is $107.37 and its 200-day simple moving average is $107.49.

McGrath RentCorp (NASDAQ:MGRC) last announced its 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 was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 EPS. Sell-side analysts predict that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were issued a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.55%. McGrath RentCorp’s dividend payout ratio is 20.77%.

Analysts Set New Price Targets

Several 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 report on Tuesday, October 22nd. Oppenheimer boosted their target price on McGrath RentCorp from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th.

Insider Transactions at McGrath RentCorp

In related news, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction that occurred 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 directly owns 4,000 shares of the company’s stock, valued at approximately $460,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.62, for a total value of $114,620.00. Following the completion of the sale, the director now owns 7,500 shares of the company’s stock, valued at approximately $859,650. The trade was a 0.00 % decrease in their position. 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 stock in a transaction that occurred 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 completion of the transaction, the director now owns 4,000 shares in the company, valued at $460,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,176 shares of company stock valued at $3,594,512 over the last three months. 1.60% of the stock is owned by corporate insiders.

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.