Sanctuary Advisors LLC Buys Shares of 5,202 McGrath RentCorp (NASDAQ:MGRC)

Sanctuary Advisors LLC purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,202 shares of the financial services provider’s stock, valued at approximately $548,000.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in McGrath RentCorp by 20.6% during the second quarter. Bank of New York Mellon Corp now owns 186,898 shares of the financial services provider’s stock valued at $19,914,000 after purchasing an additional 31,893 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of McGrath RentCorp by 4.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,085 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 256 shares during the period. Principal Financial Group Inc. grew its stake in shares of McGrath RentCorp by 9.0% during the 2nd quarter. Principal Financial Group Inc. now owns 9,979 shares of the financial services provider’s stock valued at $1,063,000 after acquiring an additional 822 shares during the period. Hantz Financial Services Inc. purchased a new stake in McGrath RentCorp in the 2nd quarter worth approximately $1,770,000. Finally, Natixis Advisors LLC raised its stake in McGrath RentCorp by 15.2% during the 2nd quarter. Natixis Advisors LLC now owns 92,466 shares of the financial services provider’s stock worth $9,852,000 after acquiring an additional 12,177 shares during the period. Institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

MGRC has been the subject of a number of analyst reports. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer increased their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, CJS Securities assumed coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective on the stock.

Insider Activity

In other news, CEO Joseph F. Hanna sold 15,840 shares of the firm’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 value of $1,898,899.20. Following the completion of the sale, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Price Performance

McGrath RentCorp stock opened at $112.56 on Thursday. The firm’s 50 day moving average price is $116.85 and its 200-day moving average price is $109.86. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The stock has a market cap of $2.76 billion, a P/E ratio of 12.30, a PEG ratio of 1.66 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. The business had revenue of $266.76 million for the quarter, compared to analysts’ expectations of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.65 EPS. As a group, equities analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be issued a dividend of $0.475 per share. 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 (DPR) is 20.77%.

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.