McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC lifted its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 8.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,985 shares of the financial services provider’s stock after acquiring an additional 590 shares during the quarter. Janney Montgomery Scott LLC’s holdings in McGrath RentCorp were worth $841,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Swedbank AB boosted its position in shares of McGrath RentCorp by 66.7% during the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after purchasing an additional 80,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in McGrath RentCorp by 26.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock worth $51,803,000 after buying an additional 100,210 shares in the last quarter. Gabelli Funds LLC grew its position in McGrath RentCorp by 297.8% during the first quarter. Gabelli Funds LLC now owns 59,670 shares of the financial services provider’s stock worth $7,361,000 after buying an additional 44,670 shares during the period. Quest Partners LLC purchased a new position in McGrath RentCorp in the second quarter valued at about $1,064,000. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of McGrath RentCorp by 138.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider’s stock valued at $1,144,000 after acquiring an additional 5,388 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the completion of the transaction, the chief executive officer now owns 155,409 shares in the company, valued at $18,630,430.92. This represents a 9.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the sale, the director now owns 7,500 shares in the company, valued at $859,650. This represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on MGRC shares. Oppenheimer increased their price objective on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $116.81 on Friday. The firm’s 50-day simple moving average is $109.43 and its 200-day simple moving average is $108.02. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The firm has a market cap of $2.87 billion, a P/E ratio of 12.77, a PEG ratio of 1.67 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same period in the prior year, the firm posted $1.65 EPS. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.