Aigen Investment Management LP Sells 1,430 Shares of McGrath RentCorp (NASDAQ:MGRC)

Aigen Investment Management LP lessened its stake in McGrath RentCorp (NASDAQ:MGRC) by 41.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,047 shares of the financial services provider’s stock after selling 1,430 shares during the period. Aigen Investment Management LP’s holdings in McGrath RentCorp were worth $216,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MGRC. Covestor Ltd raised its position in shares of McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 161 shares during the last quarter. SG Americas Securities LLC bought a new stake in McGrath RentCorp during the 1st quarter worth about $171,000. Wealth Enhancement Advisory Services LLC lifted its position in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 104 shares during the period. Aristides Capital LLC bought a new position in shares of McGrath RentCorp in the 1st quarter valued at about $239,000. Finally, Blue Trust Inc. acquired a new stake in shares of McGrath RentCorp during the 2nd quarter worth approximately $383,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insiders Place Their Bets

In other news, Director William J. Dawson sold 20,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at $460,000. This represents a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the company’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 transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,016 shares of company stock worth $5,493,411. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MGRC shares. Oppenheimer increased their price objective on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 25th. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd.

McGrath RentCorp Trading Down 3.1 %

McGrath RentCorp stock opened at $116.81 on Friday. The firm has a market capitalization of $2.87 billion, a P/E ratio of 12.77, a PEG ratio of 1.67 and a beta of 0.74. The business has a 50-day moving average of $109.43 and a 200-day moving average of $108.02. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. The firm had revenue of $266.76 million during 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 revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.65 earnings per share. Research analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s payout ratio is presently 20.77%.

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.