KBC Group NV Purchases 188 Shares of McGrath RentCorp (NASDAQ:MGRC)

KBC Group NV lifted its position in McGrath RentCorp (NASDAQ:MGRC) by 32.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 767 shares of the financial services provider’s stock after buying an additional 188 shares during the period. KBC Group NV’s holdings in McGrath RentCorp were worth $81,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MGRC. River Road Asset Management LLC lifted its position in McGrath RentCorp by 68.2% in the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock valued at $131,324,000 after acquiring an additional 505,817 shares in the last quarter. Swedbank AB bought a new position in shares of McGrath RentCorp during the first quarter valued at $14,804,000. Vaughan Nelson Investment Management L.P. boosted its position in shares of McGrath RentCorp by 26.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after buying an additional 100,210 shares during the last quarter. Murchinson Ltd. bought a new stake in McGrath RentCorp in the 2nd quarter worth about $7,466,000. Finally, Millennium Management LLC raised its position in McGrath RentCorp by 31.1% in the 2nd quarter. Millennium Management LLC now owns 287,136 shares of the financial services provider’s stock worth $30,594,000 after buying an additional 68,172 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MGRC. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer boosted their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $120.90 on Friday. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.65 and a beta of 0.74. The stock’s 50-day simple moving average is $110.58 and its two-hundred day simple moving average is $108.31.

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, beating the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same period in the previous year, the business posted $1.65 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, equities analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were issued a $0.475 dividend. The ex-dividend date was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

Insider Activity at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 155,409 shares in the company, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William J. Dawson sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the sale, the director now owns 4,000 shares in the company, valued at approximately $460,000. The trade was a 83.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,016 shares of company stock worth $5,493,411. Corporate insiders own 1.60% of the company’s stock.

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.