Chescapmanager LLC Acquires Shares of 23,642 McGrath RentCorp (NASDAQ:MGRC)

Chescapmanager LLC bought a new position in McGrath RentCorp (NASDAQ:MGRC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 23,642 shares of the financial services provider’s stock, valued at approximately $2,489,000. McGrath RentCorp accounts for 0.3% of Chescapmanager LLC’s portfolio, making the stock its 26th largest position. Chescapmanager LLC owned approximately 0.10% of McGrath RentCorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB grew its holdings in McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after acquiring an additional 80,000 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of McGrath RentCorp by 26.0% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock worth $51,803,000 after purchasing an additional 100,210 shares in the last quarter. Quest Partners LLC acquired a new position in shares of McGrath RentCorp during the 2nd quarter worth $1,064,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of McGrath RentCorp in the 3rd quarter valued at about $816,000. Finally, Alpine Associates Management Inc. lifted its stake in shares of McGrath RentCorp by 9.8% in the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after purchasing an additional 63,366 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Insiders Place Their Bets

In other McGrath RentCorp news, Director William J. Dawson sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $460,000. This represents a 83.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the sale, the chief executive officer now directly owns 155,409 shares in the company, 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. Over the last 90 days, insiders sold 47,016 shares of company stock valued at $5,493,411. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MGRC. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd.

McGrath RentCorp Stock Up 0.5 %

NASDAQ:MGRC opened at $121.85 on Monday. The company has a market capitalization of $2.99 billion, a PE ratio of 13.32, a price-to-earnings-growth 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 stock has a fifty day simple moving average of $113.07 and a 200-day simple moving average of $108.80.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) 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 analysts’ expectations of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.65 earnings per share. As a group, equities analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

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