Westchester Capital Management LLC Sells 531,880 Shares of McGrath RentCorp (NASDAQ:MGRC)

Westchester Capital Management LLC lowered its position in McGrath RentCorp (NASDAQ:MGRC) by 80.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,385 shares of the financial services provider’s stock after selling 531,880 shares during the period. Westchester Capital Management LLC owned about 0.53% of McGrath RentCorp worth $13,622,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC increased its holdings in shares of McGrath RentCorp by 5.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares in the last quarter. Arizona State Retirement System increased its stake in McGrath RentCorp by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock worth $732,000 after purchasing an additional 141 shares in the last quarter. Covestor Ltd raised its holdings in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after buying an additional 161 shares during the period. Sei Investments Co. raised its holdings in McGrath RentCorp by 4.1% during the 2nd quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock worth $496,000 after buying an additional 183 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in McGrath RentCorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after buying an additional 185 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd.

McGrath RentCorp Stock Up 0.5 %

Shares of MGRC stock opened at $121.85 on Friday. The company’s fifty day simple moving average is $113.07 and its 200-day simple moving average is $108.80. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86. The firm has a market cap of $2.99 billion, a PE ratio of 13.32, a P/E/G ratio of 1.70 and a beta of 0.74.

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

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.56%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now owns 205 shares in the company, valued at $23,985. This represents a 96.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp 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 transaction, the chief executive officer now owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 47,016 shares of company stock worth $5,493,411 over the last quarter. 1.60% of the stock is currently owned by insiders.

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.