VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC – Free Report) by 72.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,720 shares of the financial services provider’s stock after selling 9,800 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in McGrath RentCorp were worth $425,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $1,548,000. Corient Private Wealth LP bought a new position in McGrath RentCorp in the second quarter worth $1,370,000. Algert Global LLC boosted its stake in McGrath RentCorp by 11.0% during the second quarter. Algert Global LLC now owns 59,827 shares of the financial services provider’s stock worth $7,241,000 after buying an additional 5,910 shares in the last quarter. Jupiter Topco LLC acquired a new stake in McGrath RentCorp during the second quarter worth $1,369,000. Finally, William Blair Investment Management LLC acquired a new stake in McGrath RentCorp during the second quarter worth $22,833,000. 92.05% of the stock is owned by institutional investors.
McGrath RentCorp Trading Down 1.9%
NASDAQ MGRC opened at $125.02 on Friday. The stock’s 50 day moving average is $115.19 and its two-hundred day moving average is $114.47. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 1.27 and a beta of 0.48. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $134.61.
McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last issued its earnings results on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.11. The business had revenue of $274.61 million during the quarter, compared to analysts’ expectations of $273.25 million. McGrath RentCorp had a return on equity of 12.75% and a net margin of 16.75%. On average, analysts predict that McGrath RentCorp will post 6.38 earnings per share for the current year.
McGrath RentCorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were paid a dividend of $0.4950 per share. This represents a $1.98 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, October 16th. McGrath RentCorp’s dividend payout ratio is currently 30.51%.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of McGrath RentCorp in a report on Monday, October 26th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $140.00.
View Our Latest Stock Report on McGrath RentCorp
Insider Buying and Selling at McGrath RentCorp
In other news, Director Joseph F. Hanna sold 7,500 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $115.04, for a total value of $862,800.00. Following the sale, the director owned 144,049 shares of the company’s stock, valued at approximately $16,571,396.96. This represents a 4.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP John P. Skenesky sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total transaction of $240,820.00. Following the completion of the sale, the vice president directly owned 10,634 shares in the company, valued at approximately $1,280,439.94. The trade was a 15.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 18,683 shares of company stock valued at $2,260,562. 1.40% of the stock is currently owned by company insiders.
McGrath RentCorp Company Profile
McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test equipment and related products. Its modular building offerings served customers needing temporary or permanent space, including classrooms, offices, healthcare facilities and other commercial or institutional applications.
Through brands such as Mobile Modular, the company rented relocatable buildings and portable storage units, while its TRS-RenTelco business provided electronic test and measurement equipment to telecommunications, electronics, aerospace, defense and other industrial customers.
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