McGrath RentCorp (MGRC) Position Reduced by Legal & General Group Plc
Legal & General Group Plc cut its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 1.5% during the first quarter, Holdings Channel reports. The institutional investor owned 7,080 shares of the financial services provider’s stock after selling 105 shares during the period. Legal & General Group Plc’s holdings in McGrath RentCorp were worth $237,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in MGRC. Norges Bank acquired a new stake in shares of McGrath RentCorp during the fourth quarter valued at about $16,302,000. Deprince Race & Zollo Inc. increased its stake in shares of McGrath RentCorp by 4.1% in the first quarter. Deprince Race & Zollo Inc. now owns 1,073,688 shares of the financial services provider’s stock valued at $36,044,000 after buying an additional 42,391 shares during the period. Martingale Asset Management L P increased its stake in shares of McGrath RentCorp by 87.9% in the first quarter. Martingale Asset Management L P now owns 75,174 shares of the financial services provider’s stock valued at $2,524,000 after buying an additional 35,174 shares during the period. ProShare Advisors LLC increased its stake in shares of McGrath RentCorp by 17.3% in the first quarter. ProShare Advisors LLC now owns 184,421 shares of the financial services provider’s stock valued at $6,191,000 after buying an additional 27,158 shares during the period. Finally, GWM Advisors LLC acquired a new stake in shares of McGrath RentCorp during the first quarter valued at about $808,000. Institutional investors and hedge funds own 82.64% of the company’s stock.
Shares of McGrath RentCorp (NASDAQ:MGRC) traded up 0.08% during midday trading on Friday, hitting $38.65. The company’s stock had a trading volume of 1,436 shares. McGrath RentCorp has a 1-year low of $29.27 and a 1-year high of $41.61. The company has a 50-day moving average price of $35.43 and a 200 day moving average price of $35.18. The company has a market cap of $927.33 million, a P/E ratio of 22.10 and a beta of 0.97.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The firm had revenue of $109.58 million during the quarter, compared to analyst estimates of $105.36 million. During the same period last year, the company posted $0.38 EPS. The business’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities research analysts predict that McGrath RentCorp will post $1.88 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Monday, July 17th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Thursday, July 13th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 59.43%.
Several equities research analysts have issued reports on the company. BidaskClub upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Saturday, August 5th.
In other news, VP Keith E. Pratt sold 3,261 shares of McGrath RentCorp stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $40.73, for a total value of $132,820.53. Following the completion of the transaction, the vice president now directly owns 26,000 shares of the company’s stock, valued at approximately $1,058,980. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Elizabeth A. Fetter sold 2,000 shares of McGrath RentCorp stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $36.02, for a total value of $72,040.00. Following the completion of the transaction, the director now directly owns 5,400 shares of the company’s stock, valued at $194,508. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
About McGrath RentCorp
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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