Jane Street Group LLC Acquires 13,040 Shares of McGrath RentCorp (NASDAQ:MGRC)

Jane Street Group LLC raised its holdings in McGrath RentCorp (NASDAQ:MGRC) by 49.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,171 shares of the financial services provider’s stock after purchasing an additional 13,040 shares during the quarter. Jane Street Group LLC owned 0.16% of McGrath RentCorp worth $4,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. River Road Asset Management LLC increased its holdings in McGrath RentCorp by 68.2% during the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after buying an additional 505,817 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of McGrath RentCorp by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock worth $79,546,000 after purchasing an additional 47,872 shares during the last quarter. Alpine Associates Management Inc. increased its stake in shares of McGrath RentCorp by 9.8% during the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after purchasing an additional 63,366 shares during the last quarter. State Street Corp raised its holdings in shares of McGrath RentCorp by 2.2% in the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock worth $62,432,000 after purchasing an additional 12,520 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in McGrath RentCorp by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock valued at $30,243,000 after purchasing an additional 8,428 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares in the company, valued at approximately $23,985. This trade represents a 96.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Gilda Malek sold 919 shares of the business’s stock in a transaction dated 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 90 days, insiders have sold 47,935 shares of company stock valued at $5,605,327. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

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

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $114.36 on Thursday. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.68 and a beta of 0.75. The company’s fifty day simple moving average is $116.49 and its two-hundred day simple moving average is $109.68. 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, topping analysts’ consensus estimates 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 return on equity of 13.64% and a net margin of 25.29%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.65 EPS. Equities research analysts anticipate 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. Investors of record on Friday, January 17th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.66%. McGrath RentCorp’s dividend payout ratio is currently 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.