Wellington Management Group LLP Increases Holdings in McGrath RentCorp (NASDAQ:MGRC)

Wellington Management Group LLP boosted its position in McGrath RentCorp (NASDAQ:MGRC) by 17.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 408,410 shares of the financial services provider’s stock after purchasing an additional 61,519 shares during the period. Wellington Management Group LLP’s holdings in McGrath RentCorp were worth $38,109,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter worth approximately $39,000. Lazard Asset Management LLC acquired a new position in shares of McGrath RentCorp in the first quarter worth about $51,000. Tower Research Capital LLC TRC boosted its stake in shares of McGrath RentCorp by 211.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 607 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 412 shares in the last quarter. FMR LLC raised its holdings in McGrath RentCorp by 14.1% in the 2nd quarter. FMR LLC now owns 978 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 121 shares during the period. Finally, Colonial Trust Co SC boosted its position in McGrath RentCorp by 600.0% during the first quarter. Colonial Trust Co SC now owns 840 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 720 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP Philip B. Hawkins sold 2,607 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $98.72, for a total value of $257,363.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other McGrath RentCorp news, Director Elizabeth A. Fetter sold 430 shares of the business’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $102.59, for a total value of $44,113.70. Following the completion of the transaction, the director now owns 4,770 shares in the company, valued at $489,354.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Philip B. Hawkins sold 2,607 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $98.72, for a total value of $257,363.04. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on McGrath RentCorp in a research note on Thursday, August 17th. They set a “hold” rating for the company.

McGrath RentCorp Stock Down 0.1 %

Shares of NASDAQ MGRC opened at $98.49 on Friday. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 2.04 and a beta of 0.78. McGrath RentCorp has a 52 week low of $81.63 and a 52 week high of $111.70. The firm has a 50-day simple moving average of $96.36 and a 200-day simple moving average of $94.32.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 27th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.18. The business had revenue of $203.03 million for the quarter, compared to analyst estimates of $191.80 million. McGrath RentCorp had a net margin of 22.16% and a return on equity of 14.47%. As a group, equities research analysts expect that McGrath RentCorp will post 4.81 EPS for the current year.

McGrath RentCorp 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 through Mobile Modular, TRS-RenTelco, and Enviroplex segments.