Chescapmanager LLC Takes $2.49 Million Position in McGrath RentCorp (NASDAQ:MGRC)

Chescapmanager LLC bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, Holdings Channel.com reports. The firm bought 23,642 shares of the financial services provider’s stock, valued at approximately $2,489,000. McGrath RentCorp makes up 0.3% of Chescapmanager LLC’s investment portfolio, making the stock its 26th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in MGRC. KBC Group NV boosted its holdings in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 188 shares during the last quarter. Covestor Ltd raised its position in shares of McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after buying an additional 161 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings 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 acquiring an additional 104 shares during the last quarter. Blue Trust Inc. purchased a new stake in McGrath RentCorp during the second quarter valued at about $383,000. Finally, Inspire Investing LLC increased 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 acquiring an additional 577 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Trading Up 0.5 %

Shares of McGrath RentCorp stock opened at $121.85 on Monday. The company has a fifty day moving average price of $113.07 and a 200 day moving average price of $108.80. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last posted its 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. The business had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 earnings per share. Analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were given a dividend of $0.475 per share. 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 1.56%. McGrath RentCorp’s payout ratio is currently 20.77%.

Insider Activity

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total value of $114,620.00. Following the transaction, the director now owns 7,500 shares in the company, valued at $859,650. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John P. Skenesky sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.86, for a total value of $574,300.00. Following the sale, the vice president now owns 8,711 shares of the company’s stock, valued at $1,000,545.46. This represents a 36.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer lifted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd.

About McGrath RentCorp

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.