Connors Investor Services Inc. Grows Holdings in McGrath RentCorp (MGRC)
Connors Investor Services Inc. grew its stake in McGrath RentCorp (NASDAQ:MGRC) by 0.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 43,935 shares of the financial services provider’s stock after buying an additional 217 shares during the quarter. Connors Investor Services Inc.’s holdings in McGrath RentCorp were worth $2,485,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in MGRC. Norges Bank purchased a new position in McGrath RentCorp in the 4th quarter worth approximately $21,208,000. Redwood Investments LLC purchased a new position in McGrath RentCorp in the 1st quarter worth approximately $8,767,000. Monarch Partners Asset Management LLC purchased a new position in McGrath RentCorp in the 1st quarter worth approximately $8,547,000. SG Capital Management LLC grew its stake in McGrath RentCorp by 45.4% in the 1st quarter. SG Capital Management LLC now owns 230,366 shares of the financial services provider’s stock worth $13,032,000 after buying an additional 71,960 shares in the last quarter. Finally, 361 Capital LLC purchased a new position in McGrath RentCorp in the 4th quarter worth approximately $2,565,000. 83.97% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on MGRC shares. Zacks Investment Research cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Saturday, February 23rd. BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Saturday, April 13th.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.13. The company had revenue of $122.00 million during the quarter, compared to analysts’ expectations of $113.87 million. McGrath RentCorp had a net margin of 16.18% and a return on equity of 14.86%. The firm’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 EPS. As a group, analysts forecast that McGrath RentCorp will post 3.4 earnings per share for the current fiscal year.
In other McGrath RentCorp news, VP John P. Skenesky sold 1,719 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $59.01, for a total transaction of $101,438.19. Following the completion of the sale, the vice president now owns 2,992 shares of the company’s stock, valued at approximately $176,557.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith E. Pratt sold 962 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $64.20, for a total transaction of $61,760.40. Following the sale, the chief financial officer now directly owns 26,563 shares of the company’s stock, valued at approximately $1,705,344.60. The disclosure for this sale can be found here. Insiders have sold a total of 14,846 shares of company stock valued at $899,300 in the last three months. 2.00% of the stock is currently owned by corporate insiders.
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, 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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