McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by Raymond James & Associates

Raymond James & Associates lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 47.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,140 shares of the financial services provider’s stock after acquiring an additional 21,540 shares during the quarter. Raymond James & Associates owned about 0.27% of McGrath RentCorp worth $7,068,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in McGrath RentCorp in the first quarter worth approximately $171,000. TFG Advisers LLC acquired a new position in McGrath RentCorp in the first quarter worth approximately $203,000. J.W. Cole Advisors Inc. acquired a new position in McGrath RentCorp in the first quarter worth approximately $210,000. Meeder Asset Management Inc. acquired a new position in McGrath RentCorp in the first quarter worth approximately $213,000. Finally, Aristides Capital LLC acquired a new position in McGrath RentCorp in the first quarter worth approximately $239,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insiders Place Their Bets

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares of the company’s stock, valued at $23,985. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares of the company’s stock, valued at $23,985. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $460,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Up 0.9 %

Shares of NASDAQ:MGRC opened at $117.28 on Thursday. The firm has a fifty day moving average of $106.45 and a two-hundred day moving average of $107.30. The firm has a market capitalization of $2.88 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same quarter in the previous year, the business earned $1.65 EPS. McGrath RentCorp’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities research analysts expect that McGrath RentCorp will post 4.48 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is presently 37.04%.

Analysts Set New Price Targets

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

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.