Murchinson Ltd. Sells 25,358 Shares of McGrath RentCorp (NASDAQ:MGRC)

Murchinson Ltd. reduced its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 36.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,713 shares of the financial services provider’s stock after selling 25,358 shares during the quarter. McGrath RentCorp makes up about 1.3% of Murchinson Ltd.’s portfolio, making the stock its 11th biggest holding. Murchinson Ltd.’s holdings in McGrath RentCorp were worth $4,707,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its position in McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares during the last quarter. Arizona State Retirement System boosted its stake in McGrath RentCorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after purchasing an additional 141 shares during the period. Covestor Ltd grew its holdings in McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after buying an additional 161 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of McGrath RentCorp by 4.1% during the second quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock worth $496,000 after buying an additional 183 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of McGrath RentCorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after acquiring an additional 185 shares during the period. Institutional investors own 92.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Oppenheimer raised their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Stock Down 0.3 %

MGRC stock opened at $121.30 on Wednesday. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The business has a 50-day simple moving average of $113.71 and a 200 day simple moving average of $108.96. The company has a market cap of $2.98 billion, a PE ratio of 13.26, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last issued its 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. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The firm had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the previous year, the firm earned $1.65 earnings per share. The business’s quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

Insider Buying and Selling at McGrath RentCorp

In related news, Director William J. Dawson sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $460,000. This trade represents a 83.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the transaction, the vice president now directly owns 205 shares in the company, valued at approximately $23,985. This represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is currently owned by company insiders.

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.