SG Americas Securities LLC trimmed its holdings in shares of McGrath RentCorp (NASDAQ:MGRC – Get Rating) by 75.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,097 shares of the financial services provider’s stock after selling 3,451 shares during the quarter. SG Americas Securities LLC’s holdings in McGrath RentCorp were worth $108,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. OLD National Bancorp IN raised its holdings in McGrath RentCorp by 14.4% in the 3rd quarter. OLD National Bancorp IN now owns 4,053 shares of the financial services provider’s stock worth $340,000 after purchasing an additional 510 shares during the period. Cim LLC lifted its position in shares of McGrath RentCorp by 2.5% during the 3rd quarter. Cim LLC now owns 4,913 shares of the financial services provider’s stock valued at $474,000 after buying an additional 122 shares in the last quarter. Moody Aldrich Partners LLC bought a new position in shares of McGrath RentCorp during the 4th quarter valued at approximately $6,851,000. Lazard Asset Management LLC purchased a new stake in McGrath RentCorp in the 3rd quarter worth approximately $48,000. Finally, Credit Suisse AG raised its stake in McGrath RentCorp by 12.0% during the 3rd quarter. Credit Suisse AG now owns 21,852 shares of the financial services provider’s stock worth $1,833,000 after acquiring an additional 2,334 shares during the period. 82.90% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at McGrath RentCorp
In related news, VP Tara Wescott sold 1,200 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $91.31, for a total transaction of $109,572.00. Following the completion of the sale, the vice president now directly owns 753 shares in the company, valued at $68,756.43. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Kimberly Ann Box sold 500 shares of the company’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $103.39, for a total value of $51,695.00. Following the transaction, the director now owns 5,800 shares of the company’s stock, valued at approximately $599,662. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Tara Wescott sold 1,200 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $91.31, for a total value of $109,572.00. Following the transaction, the vice president now owns 753 shares of the company’s stock, valued at $68,756.43. The disclosure for this sale can be found here. Insiders have sold a total of 13,070 shares of company stock worth $1,283,830 in the last quarter. Company insiders own 2.00% of the company’s stock.
McGrath RentCorp Stock Down 0.6 %
McGrath RentCorp (NASDAQ:MGRC – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The financial services provider reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.28. The company had revenue of $210.90 million during the quarter, compared to the consensus estimate of $201.16 million. McGrath RentCorp had a net margin of 22.34% and a return on equity of 13.53%. McGrath RentCorp’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 EPS. As a group, equities research analysts expect that McGrath RentCorp will post 4.72 EPS for the current year.
McGrath RentCorp Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, April 28th. Shareholders of record on Friday, April 14th were paid a $0.465 dividend. The ex-dividend date was Thursday, April 13th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.46. This represents a $1.86 dividend on an annualized basis and a dividend yield of 2.06%. McGrath RentCorp’s dividend payout ratio (DPR) is 27.11%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on MGRC. Sidoti upgraded shares of McGrath RentCorp from a “neutral” rating to a “buy” rating and set a $127.00 price target on the stock in a report on Thursday, February 2nd. Oppenheimer upped their price target on McGrath RentCorp from $107.00 to $114.00 and gave the stock an “outperform” rating in a research report on Thursday, February 23rd. Finally, StockNews.com cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Saturday.
McGrath RentCorp Profile
McGrath RentCorp engages in the provision of business-to-business rental services. It operates through the following segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment is engaged in modular building and portable storage. The TRS-RenTelco segment includes operations for its electronic test equipment.
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