Brown Brothers Harriman & Co. Sells 317 Shares of McGrath RentCorp (NASDAQ:MGRC)

Brown Brothers Harriman & Co. lessened its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 14.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,943 shares of the financial services provider’s stock after selling 317 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in McGrath RentCorp were worth $205,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. KBC Group NV lifted its position in shares of McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after buying an additional 188 shares during the period. Covestor Ltd lifted its position 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 buying an additional 161 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after buying an additional 104 shares during the period. Blue Trust Inc. bought a new position in shares of McGrath RentCorp during the 2nd quarter worth approximately $383,000. Finally, Inspire Investing LLC lifted its position in shares of McGrath RentCorp by 17.4% during the 3rd quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider’s stock worth $411,000 after buying an additional 577 shares during the period. Institutional investors own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director William J. Dawson sold 20,000 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the completion of the sale, the director now directly owns 4,000 shares in the company, valued at $460,000. This represents a 83.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MGRC shares. Oppenheimer boosted their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note 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 Performance

McGrath RentCorp stock opened at $121.22 on Thursday. The firm has a market cap of $2.98 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.70 and a beta of 0.74. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The business’s fifty day moving average is $112.18 and its two-hundred day moving average is $108.62.

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

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were issued a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

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.