McGrath RentCorp (MGRC) Shares Bought by Bessemer Group Inc.
Bessemer Group Inc. grew its holdings in McGrath RentCorp (NASDAQ:MGRC) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,967 shares of the financial services provider’s stock after purchasing an additional 1,400 shares during the quarter. Bessemer Group Inc. owned about 0.15% of McGrath RentCorp worth $1,574,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of 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 purchasing an additional 304,573 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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 purchasing an additional 11,707 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in shares of 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 purchasing an additional 45,353 shares during the last quarter. State Street Corp grew its position in shares of 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 purchasing an additional 24,511 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of 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 purchasing an additional 41,984 shares during the last quarter. 81.97% of the stock is currently owned by institutional investors.
In related news, VP Trease Kristina Van sold 1,043 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $39.82, for a total value of $41,532.26. Following the completion of the sale, the vice president now owns 18,973 shares in the company, valued at $755,504.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith E. Pratt sold 1,412 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $46.01, for a total transaction of $64,966.12. Following the completion of the sale, the chief financial officer now owns 28,118 shares of the company’s stock, valued at approximately $1,293,709.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,389 shares of company stock valued at $677,453. 4.60% of the stock is owned by corporate insiders.
Shares of McGrath RentCorp (NASDAQ MGRC) opened at $46.24 on Wednesday. The stock has a market capitalization of $1,113.89, a PE ratio of 24.40, a PEG ratio of 2.27 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 released its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The business had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. During the same quarter last year, the company earned $0.54 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. equities research analysts predict that McGrath RentCorp will post 2.04 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Monday, October 16th. McGrath RentCorp’s payout ratio is presently 54.74%.
Several equities research analysts have recently issued reports on MGRC shares. BidaskClub raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Saturday, August 5th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st.
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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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