Bank of America Corp DE Has $10.63 Million Stake in McGrath RentCorp (NASDAQ:MGRC)

Bank of America Corp DE trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 18.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 95,027 shares of the financial services provider’s stock after selling 21,307 shares during the period. Bank of America Corp DE owned 0.39% of McGrath RentCorp worth $10,626,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MGRC. BNP Paribas Financial Markets boosted its position in shares of McGrath RentCorp by 29.8% in the fourth quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider’s stock valued at $1,834,000 after acquiring an additional 3,767 shares during the period. Ameriprise Financial Inc. increased its position in McGrath RentCorp by 35.8% during the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider’s stock valued at $1,387,000 after purchasing an additional 3,272 shares during the period. Algert Global LLC grew its position in shares of McGrath RentCorp by 729.1% during the 4th quarter. Algert Global LLC now owns 118,660 shares of the financial services provider’s stock worth $13,269,000 after buying an additional 104,348 shares during the period. Alyeska Investment Group L.P. acquired a new stake in McGrath RentCorp in the 4th quarter valued at $8,349,000. Finally, Nexpoint Asset Management L.P. acquired a new stake in McGrath RentCorp in the 4th quarter valued at $358,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 5,567 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $108.89, for a total value of $606,190.63. Following the transaction, the chief executive officer now directly owns 176,897 shares of the company’s stock, valued at approximately $19,262,314.33. This trade represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at $935,175. This trade represents a 11.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,871 shares of company stock valued at $1,506,731 over the last ninety days. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock opened at $113.38 on Friday. The stock’s 50-day simple moving average is $109.53 and its 200 day simple moving average is $115.36. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The stock has a market capitalization of $2.79 billion, a P/E ratio of 12.02, a P/E/G ratio of 1.35 and a beta of 0.66.

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

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.