Bank of New York Mellon Corp trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC – Free Report) by 8.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,166 shares of the financial services provider’s stock after selling 14,930 shares during the period. Bank of New York Mellon Corp owned about 0.69% of McGrath RentCorp worth $15,737,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Dark Forest Capital Management LP increased its position in McGrath RentCorp by 210.0% during the first quarter. Dark Forest Capital Management LP now owns 310 shares of the financial services provider’s stock worth $29,000 after buying an additional 210 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in McGrath RentCorp during the first quarter worth $39,000. Lazard Asset Management LLC acquired a new position in McGrath RentCorp during the first quarter worth $51,000. Tower Research Capital LLC TRC increased its position in McGrath RentCorp by 211.3% during the first quarter. Tower Research Capital LLC TRC now owns 607 shares of the financial services provider’s stock worth $57,000 after buying an additional 412 shares during the last quarter. Finally, FMR LLC increased its position in McGrath RentCorp by 14.1% during the second quarter. FMR LLC now owns 978 shares of the financial services provider’s stock worth $74,000 after buying an additional 121 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. StockNews.com assumed coverage on shares of McGrath RentCorp in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Oppenheimer raised their price target on McGrath RentCorp from $114.00 to $116.00 and gave the company an “outperform” rating in a research report on Friday, October 6th.
McGrath RentCorp Stock Performance
Shares of NASDAQ:MGRC opened at $103.04 on Wednesday. The company has a market cap of $2.52 billion, a P/E ratio of 13.85, a P/E/G ratio of 1.58 and a beta of 0.78. The stock’s 50-day moving average is $100.33 and its 200-day moving average is $96.51. McGrath RentCorp has a 52-week low of $85.63 and a 52-week high of $111.70.
McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.40. The company had revenue of $243.51 million for the quarter, compared to the consensus estimate of $159.45 million. McGrath RentCorp had a return on equity of 15.02% and a net margin of 22.19%. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share. As a group, equities analysts predict that McGrath RentCorp will post 4.88 EPS for the current year.
McGrath RentCorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were given a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Monday, October 16th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 25.00%.
Insider Buying and Selling
In related news, VP Trease Kristina Van sold 4,325 shares of McGrath RentCorp stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $102.00, for a total transaction of $441,150.00. Following the sale, the vice president now directly owns 4,073 shares of the company’s stock, valued at $415,446. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Philip B. Hawkins sold 2,607 shares of McGrath RentCorp stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $98.72, for a total transaction of $257,363.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Trease Kristina Van sold 4,325 shares of McGrath RentCorp stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $102.00, for a total value of $441,150.00. Following the sale, the vice president now directly owns 4,073 shares in the company, valued at $415,446. The disclosure for this sale can be found here. Insiders have sold a total of 7,362 shares of company stock valued at $742,627 over the last three months. 1.60% of the stock is owned by corporate insiders.
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 through Mobile Modular, TRS-RenTelco, and Enviroplex segments.
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