ProShare Advisors LLC decreased its position in McGrath RentCorp (NASDAQ:MGRC – Free Report) by 93.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of McGrath RentCorp in the second quarter worth approximately $252,840,000. Dimensional Fund Advisors LP increased its stake in shares of McGrath RentCorp by 5.5% in the first quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider’s stock worth $100,019,000 after buying an additional 47,451 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in McGrath RentCorp by 39.2% in the second quarter. Alyeska Investment Group L.P. now owns 330,702 shares of the financial services provider’s stock valued at $40,025,000 after buying an additional 93,196 shares during the last quarter. Neumeier Poma Investment Counsel LLC bought a new stake in McGrath RentCorp during the second quarter valued at $35,716,921. Finally, Medina Value Partners LLC bought a new position in shares of McGrath RentCorp during the second quarter valued at approximately $25,451,883. Institutional investors and hedge funds own 92.05% of the company’s stock.
Insider Buying and Selling
In other McGrath RentCorp news, Director Joseph Hanna sold 7,500 shares of the stock in a transaction that occurred 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 transaction, the director owned 144,049 shares in the company, valued at $16,571,396.96. This trade represents a 4.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.40% of the stock is currently owned by company insiders.
McGrath RentCorp Stock Performance
NASDAQ MGRC opened at $128.57 on Wednesday. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $134.61. The stock has a market capitalization of $3.13 billion, a P/E ratio of 19.81, a P/E/G ratio of 1.31 and a beta of 0.48. The business’s fifty day moving average is $115.85 and its two-hundred day moving average is $114.62.
McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last issued its earnings results on Wednesday, October 28th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate 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, research analysts forecast that McGrath RentCorp will post 6.38 earnings per share for the current year.
McGrath RentCorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were given a dividend of $0.4950 per share. The ex-dividend date of this dividend was Friday, October 16th. This represents a $1.98 dividend on an annualized basis and a yield of 1.5%. McGrath RentCorp’s dividend payout ratio is presently 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 investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, McGrath RentCorp presently has an average rating of “Hold” and an average price target of $140.00.
Get Our Latest Stock Report on MGRC
McGrath RentCorp Company 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.
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