McGrath RentCorp (NASDAQ:MGRC) Stock Holdings Trimmed by Wellington Management Group LLP

Wellington Management Group LLP lessened its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 6.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 561,598 shares of the financial services provider’s stock after selling 37,485 shares during the period. Wellington Management Group LLP’s holdings in McGrath RentCorp were worth $59,125,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. River Road Asset Management LLC lifted its stake in McGrath RentCorp by 68.2% during the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after purchasing an additional 505,817 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of McGrath RentCorp by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock worth $79,546,000 after buying an additional 47,872 shares during the last quarter. Alpine Associates Management Inc. lifted its position in shares of McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after buying an additional 63,366 shares during the last quarter. State Street Corp boosted its holdings in shares of McGrath RentCorp by 2.2% in the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock valued at $62,432,000 after buying an additional 12,520 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of McGrath RentCorp by 26.0% during 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 during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were 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 $859,650. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares in the company, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,016 shares of company stock worth $5,493,411 in the last three months. 1.60% of the stock is owned by company insiders.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $120.09 on Wednesday. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The company has a 50-day simple moving average of $115.06 and a 200-day simple moving average of $109.31. The firm has a market capitalization of $2.95 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.71 and a beta of 0.75.

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 firm had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. McGrath RentCorp’s revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 EPS. As a group, sell-side analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGRC has been the topic of a number of recent research reports. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Oppenheimer raised their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a 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.