First Trust Advisors LP Purchases 4,742 Shares of McGrath RentCorp (MGRC)
First Trust Advisors LP raised its position in McGrath RentCorp (NASDAQ:MGRC) by 9.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,384 shares of the financial services provider’s stock after acquiring an additional 4,742 shares during the quarter. First Trust Advisors LP owned approximately 0.23% of McGrath RentCorp worth $2,379,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in McGrath RentCorp by 17.0% in the first quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock valued at $70,282,000 after acquiring an additional 304,573 shares during the period. Dimensional Fund Advisors LP lifted its holdings in McGrath RentCorp by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,746,105 shares of the financial services provider’s stock valued at $60,468,000 after acquiring an additional 11,707 shares during the period. Deprince Race & Zollo Inc. lifted its holdings in McGrath RentCorp by 4.2% in the second quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock valued at $38,752,000 after acquiring an additional 45,353 shares during the period. State Street Corp lifted its holdings in McGrath RentCorp by 4.7% in the second quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock valued at $18,737,000 after acquiring an additional 24,511 shares during the period. Finally, Northern Trust Corp lifted its holdings in McGrath RentCorp by 8.9% in the second quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock valued at $17,701,000 after acquiring an additional 41,984 shares during the period. 82.53% of the stock is currently owned by institutional investors.
In related news, Director Dennis P. Stradford sold 3,900 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $49.41, for a total transaction of $192,699.00. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at $247,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Keith E. Pratt sold 1,213 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $46.52, for a total value of $56,428.76. Following the sale, the vice president now owns 25,382 shares of the company’s stock, valued at approximately $1,180,770.64. The disclosure for this sale can be found here. Insiders have sold 16,602 shares of company stock valued at $733,882 in the last quarter. 4.60% of the stock is currently owned by company insiders.
MGRC has been the topic of a number of recent research reports. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a report on Friday, November 3rd. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. Finally, BidaskClub raised McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th.
Shares of McGrath RentCorp (MGRC) opened at $46.72 on Friday. The company has a market capitalization of $1,122.78, a PE ratio of 24.59, a price-to-earnings-growth ratio of 2.29 and a beta of 0.99. McGrath RentCorp has a 1 year low of $32.09 and a 1 year high of $49.66.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.12. The business had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 earnings per share. analysts forecast that McGrath RentCorp will post 2.04 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Monday, October 16th. McGrath RentCorp’s dividend payout ratio is currently 54.74%.
McGrath RentCorp Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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