McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Citadel Advisors LLC

Citadel Advisors LLC trimmed its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 75.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,497 shares of the financial services provider’s stock after selling 104,457 shares during the period. Citadel Advisors LLC owned about 0.14% of McGrath RentCorp worth $3,746,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MGRC. Allspring Global Investments Holdings LLC boosted its position in McGrath RentCorp by 1,487.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 2,648 shares in the last quarter. Asset Management One Co. Ltd. purchased a new position in McGrath RentCorp during the 4th quarter valued at about $3,833,000. BNP Paribas Financial Markets raised its position in McGrath RentCorp by 29.8% during the fourth quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider’s stock worth $1,834,000 after acquiring an additional 3,767 shares during the last quarter. One Wealth Advisors LLC grew its position in shares of McGrath RentCorp by 40.1% in the fourth quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider’s stock valued at $1,885,000 after purchasing an additional 4,824 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of McGrath RentCorp by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider’s stock worth $32,819,000 after purchasing an additional 6,238 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Trading Up 0.0%

NASDAQ:MGRC opened at $115.77 on Tuesday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The company’s 50-day moving average is $109.40 and its two-hundred day moving average is $115.39.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million for the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, equities research analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were paid a $0.485 dividend. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Wednesday, April 16th. McGrath RentCorp’s dividend payout ratio is presently 20.10%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

Insider Buying and Selling

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $935,175. This trade represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph F. Hanna sold 5,567 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $108.89, for a total transaction of $606,190.63. Following the transaction, the chief executive officer now directly owns 176,897 shares of the company’s stock, valued at $19,262,314.33. This trade represents a 3.05% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,871 shares of company stock worth $1,506,731. 1.60% of the stock is owned by company 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.