McGrath RentCorp $MGRC Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its stake in McGrath RentCorp (NASDAQ:MGRC) by 93.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,784 shares of the financial services provider’s stock after selling 57,516 shares during the quarter. ProShare Advisors LLC’s holdings in McGrath RentCorp were worth $433,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MGRC. Public Employees Retirement System of Ohio acquired a new stake in shares of McGrath RentCorp during the second quarter worth about $45,000. Nykredit A S purchased a new position in shares of McGrath RentCorp in the second quarter valued at approximately $157,000. Elevation Point Wealth Partners LLC acquired a new position in shares of McGrath RentCorp in the second quarter valued at approximately $242,000. Phillips Wealth Planners LLC acquired a new position in shares of McGrath RentCorp in the second quarter valued at approximately $243,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of McGrath RentCorp by 19.7% in the third quarter. Nisa Investment Advisors LLC now owns 2,153 shares of the financial services provider’s stock valued at $246,000 after purchasing an additional 354 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $128.57 on Wednesday. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 1.31 and a beta of 0.48. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $134.61. The stock’s 50-day moving average is $115.85 and its two-hundred day moving average is $114.62.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, October 28th. The financial services provider reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.11. McGrath RentCorp had a net margin of 16.75% and a return on equity of 12.75%. The business had revenue of $274.61 million for the quarter, compared to analysts’ expectations of $273.25 million. As a group, research analysts predict that McGrath RentCorp will post 6.38 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were issued a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, October 16th. McGrath RentCorp’s payout ratio is currently 30.51%.

Insiders Place Their Bets

In related news, Director Joseph Hanna sold 7,500 shares of McGrath RentCorp stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $115.04, for a total transaction of $862,800.00. Following the completion of the transaction, the director directly owned 144,049 shares of the company’s stock, valued at approximately $16,571,396.96. The trade was a 4.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Monday, October 26th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $140.00.

McGrath RentCorp Profile

McGrath RentCorp is a business-to-business rental company that provides modular buildings, portable storage containers and electronic test and measurement equipment. Its modular buildings serve uses such as classrooms, offices and other commercial or industrial spaces, while its storage units support customers needing temporary or supplemental on-site storage. Through its TRS-RenTelco business, the company rents electronic test equipment used in areas including communications and general-purpose testing.