McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 1.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 578,254 shares of the financial services provider’s stock after purchasing an additional 6,165 shares during the quarter. Geode Capital Management LLC’s holdings in McGrath RentCorp were worth $60,890,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MGRC. M&T Bank Corp purchased a new position in McGrath RentCorp during the third quarter worth approximately $1,901,000. Barclays PLC increased its stake in shares of McGrath RentCorp by 351.6% in the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider’s stock worth $4,269,000 after acquiring an additional 31,575 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of McGrath RentCorp during the 3rd quarter worth $656,000. XTX Topco Ltd acquired a new position in shares of McGrath RentCorp during the 3rd quarter valued at about $329,000. Finally, Jane Street Group LLC grew its holdings in shares of McGrath RentCorp by 49.9% in the third quarter. Jane Street Group LLC now owns 39,171 shares of the financial services provider’s stock valued at $4,124,000 after purchasing an additional 13,040 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William J. Dawson sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the completion of the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $460,000. The trade was a 83.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,935 shares of company stock valued at $5,605,327. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Price Performance

Shares of MGRC opened at $112.65 on Friday. The firm has a 50-day simple moving average of $116.68 and a two-hundred day simple moving average of $109.76. The stock has a market cap of $2.77 billion, a PE ratio of 12.31, a P/E/G ratio of 1.66 and a beta of 0.75. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.48. The firm had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.65 EPS. As a group, sell-side analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.475 dividend. The ex-dividend date is Friday, January 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.69%. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MGRC shares. CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Oppenheimer lifted their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd.

McGrath RentCorp 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.