McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 5.5% in the 3rd quarter, Holdings Channel reports. The fund owned 25,600 shares of the financial services provider’s stock after selling 1,500 shares during the period. Gamco Investors INC. ET AL’s holdings in McGrath RentCorp were worth $1,782,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Invesco Ltd. raised its position in McGrath RentCorp by 39.4% during the second quarter. Invesco Ltd. now owns 53,022 shares of the financial services provider’s stock valued at $3,295,000 after acquiring an additional 14,993 shares in the last quarter. Silvercrest Asset Management Group LLC raised its position in McGrath RentCorp by 12.1% during the second quarter. Silvercrest Asset Management Group LLC now owns 478,014 shares of the financial services provider’s stock valued at $29,709,000 after acquiring an additional 51,490 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in McGrath RentCorp by 1.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 208,676 shares of the financial services provider’s stock valued at $12,970,000 after acquiring an additional 2,258 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in McGrath RentCorp by 53.6% during the second quarter. UBS Asset Management Americas Inc. now owns 16,594 shares of the financial services provider’s stock valued at $1,031,000 after acquiring an additional 5,794 shares in the last quarter. Finally, Capital Fund Management S.A. raised its position in McGrath RentCorp by 103.6% during the second quarter. Capital Fund Management S.A. now owns 11,200 shares of the financial services provider’s stock valued at $696,000 after acquiring an additional 5,700 shares in the last quarter. Institutional investors own 85.49% of the company’s stock.

In other news, VP Philip B. Hawkins sold 3,310 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $65.54, for a total value of $216,937.40. Following the transaction, the vice president now owns 6,071 shares of the company’s stock, valued at approximately $397,893.34. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Trease Kristina Van sold 977 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $65.06, for a total value of $63,563.62. Following the completion of the transaction, the vice president now directly owns 10,996 shares in the company, valued at approximately $715,399.76. The disclosure for this sale can be found here. Insiders have sold 13,108 shares of company stock worth $908,872 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Several brokerages recently weighed in on MGRC. BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Tuesday, September 17th. Sidoti lifted their price target on McGrath RentCorp from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $90.00 price target for the company in a research report on Friday, November 1st. Finally, ValuEngine upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th.

MGRC stock traded down $1.06 during trading on Friday, hitting $73.73. 118,800 shares of the company traded hands, compared to its average volume of 102,473. The stock’s 50-day simple moving average is $69.47 and its 200 day simple moving average is $64.45. The company has a market cap of $1.83 billion, a PE ratio of 23.56, a P/E/G ratio of 2.01 and a beta of 0.79. McGrath RentCorp has a 1 year low of $48.20 and a 1 year high of $80.47.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.30. The company had revenue of $173.60 million for the quarter, compared to analyst estimates of $150.77 million. McGrath RentCorp had a return on equity of 16.03% and a net margin of 17.02%. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. Research analysts predict that McGrath RentCorp will post 3.75 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date was Wednesday, October 16th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 47.92%.

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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