Vanguard Group Inc. Sells 48,191 Shares of McGrath RentCorp $MGRC

Vanguard Group Inc. lessened its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 1.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,677,942 shares of the financial services provider’s stock after selling 48,191 shares during the period. Vanguard Group Inc. owned approximately 10.88% of McGrath RentCorp worth $298,323,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in McGrath RentCorp during the 4th quarter valued at $89,000. Focus Partners Wealth purchased a new stake in McGrath RentCorp during the 4th quarter valued at $136,000. State of Wyoming purchased a new stake in McGrath RentCorp during the 4th quarter valued at $159,000. Teza Capital Management LLC purchased a new stake in McGrath RentCorp during the 4th quarter valued at $213,000. Finally, Nisa Investment Advisors LLC raised its holdings in McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider’s stock valued at $233,000 after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Stock Up 0.0%

MGRC stock opened at $119.56 on Monday. The business’s fifty day simple moving average is $118.12 and its two-hundred day simple moving average is $115.17. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 1.23 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The business had revenue of $235.62 million for the quarter, compared to analyst estimates of $220.71 million. During the same quarter last year, the firm posted $0.84 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. Research analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th were paid a $0.485 dividend. The ex-dividend date was Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 18.89%.

Insiders Place Their Bets

In other news, insider Trease Kristina Van sold 2,221 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the transaction, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joseph F. Hanna sold 14,577 shares of the firm’s stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the transaction, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,519 shares of company stock worth $2,645,800. 1.40% of the stock is currently owned by company insiders.

About McGrath RentCorp

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.