Gamco Investors INC. ET AL trimmed its position in McGrath RentCorp (NASDAQ:MGRC) by 5.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,600 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Gamco Investors INC. ET AL owned about 0.11% of McGrath RentCorp worth $1,782,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in McGrath RentCorp by 1,847.4% in the 3rd quarter. CWM LLC now owns 370 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 351 shares during the period. Mirador Capital Partners LP boosted its stake in McGrath RentCorp by 7.5% in the 2nd quarter. Mirador Capital Partners LP now owns 6,677 shares of the financial services provider’s stock worth $415,000 after purchasing an additional 465 shares during the period. One Wealth Advisors LLC boosted its stake in McGrath RentCorp by 1.5% in the 2nd quarter. One Wealth Advisors LLC now owns 34,864 shares of the financial services provider’s stock worth $2,167,000 after purchasing an additional 520 shares during the period. Lido Advisors LLC boosted its stake in McGrath RentCorp by 17.7% in the 2nd quarter. Lido Advisors LLC now owns 4,712 shares of the financial services provider’s stock worth $292,000 after purchasing an additional 708 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in McGrath RentCorp in the 2nd quarter worth approximately $44,000. 85.49% of the stock is owned by institutional investors.
In related news, CFO Keith E. Pratt sold 3,051 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $67.07, for a total transaction of $204,630.57. Following the sale, the chief financial officer now owns 23,013 shares of the company’s stock, valued at $1,543,481.91. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Trease Kristina Van sold 977 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $65.06, for a total value of $63,563.62. Following the sale, the vice president now directly owns 10,996 shares in the company, valued at approximately $715,399.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,108 shares of company stock worth $908,872. Insiders own 1.80% of the company’s stock.
Several research firms have weighed in on MGRC. BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 17th. ValuEngine upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. Sidoti upped their price target on McGrath RentCorp from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, September 12th. Finally, Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $90.00 price target for the company in a research note on Friday, November 1st.
Shares of NASDAQ MGRC traded down $1.06 during midday trading on Friday, reaching $73.73. 118,800 shares of the stock traded hands, compared to its average volume of 102,473. The stock has a market capitalization of $1.83 billion, a PE ratio of 23.56, a P/E/G ratio of 2.01 and a beta of 0.79. McGrath RentCorp has a one year low of $48.20 and a one year high of $80.47. The company’s 50 day moving average is $69.47 and its 200 day moving average is $64.45.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $1.32 EPS for the quarter, beating the consensus estimate of $1.02 by $0.30. The firm had revenue of $173.60 million for the quarter, compared to analyst estimates of $150.77 million. McGrath RentCorp had a return on equity of 16.03% and a net margin of 17.02%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. On average, equities research analysts forecast that McGrath RentCorp will post 3.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were paid a dividend of $0.375 per share. The ex-dividend date was Wednesday, October 16th. This represents a $1.50 annualized dividend and a dividend yield of 2.03%. McGrath RentCorp’s dividend payout ratio is currently 47.92%.
McGrath RentCorp Company Profile
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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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