Westchester Capital Management LLC Has $13.62 Million Holdings in McGrath RentCorp (NASDAQ:MGRC)

Westchester Capital Management LLC trimmed its holdings in McGrath RentCorp (NASDAQ:MGRC) by 80.4% in the third quarter, Holdings Channel reports. The institutional investor owned 129,385 shares of the financial services provider’s stock after selling 531,880 shares during the period. Westchester Capital Management LLC’s holdings in McGrath RentCorp were worth $13,622,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. KBC Group NV increased its stake in McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 188 shares during the period. Covestor Ltd increased its position 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 worth $125,000 after purchasing an additional 161 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in 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 purchasing an additional 104 shares in the last quarter. Blue Trust Inc. bought a new stake in McGrath RentCorp during the second quarter worth about $383,000. Finally, Inspire Investing LLC grew its stake in McGrath RentCorp by 17.4% during the third quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider’s stock worth $411,000 after buying an additional 577 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MGRC has been the subject of a number of recent analyst reports. Oppenheimer upped their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. StockNews.com upgraded 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 Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at approximately $859,650. This represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William J. Dawson sold 20,000 shares of the firm’s 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 sale, the director now directly owns 4,000 shares of the company’s stock, valued at $460,000. This represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,016 shares of company stock worth $5,493,411. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Price Performance

MGRC stock opened at $121.85 on Friday. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 1.70 and a beta of 0.74. The company has a 50 day simple moving average of $113.07 and a 200 day simple moving average of $108.80. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $227.76 million. During the same period in the prior year, the business earned $1.65 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities research analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders 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 dividend yield of 1.56%. 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.