Wellington Management Group LLP Trims Position in McGrath RentCorp (NASDAQ:MGRC)

Wellington Management Group LLP reduced its position in McGrath RentCorp (NASDAQ:MGRC) by 6.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 561,598 shares of the financial services provider’s stock after selling 37,485 shares during the period. Wellington Management Group LLP owned about 2.29% of McGrath RentCorp worth $59,125,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MGRC. Wealth Enhancement Advisory Services LLC increased its stake in 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 valued at $213,000 after purchasing an additional 104 shares during the last quarter. Arizona State Retirement System increased its stake in shares of 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 valued at $732,000 after acquiring an additional 141 shares during the last quarter. Covestor Ltd lifted its holdings in shares of 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 acquiring an additional 161 shares during the period. Sei Investments Co. boosted its position in shares of McGrath RentCorp by 4.1% in the second quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock worth $496,000 after acquiring an additional 183 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings 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 purchasing an additional 185 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total value of $114,620.00. Following the transaction, the director now owns 7,500 shares in the company, valued at $859,650. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David M. Whitney sold 5,176 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were 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 of the company’s stock, valued at $23,985. This represents a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock valued at $5,493,411 over the last three months. 1.60% of the stock is owned by company insiders.

McGrath RentCorp Stock Performance

MGRC opened at $120.09 on Wednesday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The firm has a 50 day moving average price of $115.06 and a 200 day moving average price of $109.31. The company has a market cap of $2.95 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 1.71 and a beta of 0.75.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MGRC shares. Oppenheimer lifted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd.

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.