Wealth Enhancement Advisory Services LLC Acquires 104 Shares of McGrath RentCorp (NASDAQ:MGRC)

Wealth Enhancement Advisory Services LLC lifted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 5.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,024 shares of the financial services provider’s stock after buying an additional 104 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in McGrath RentCorp were worth $213,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in shares of McGrath RentCorp in the first quarter worth about $171,000. Sei Investments Co. raised its position in McGrath RentCorp by 2.9% in the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 126 shares during the last quarter. Inspire Investing LLC lifted its holdings in McGrath RentCorp by 10.0% during the 1st quarter. Inspire Investing LLC now owns 3,522 shares of the financial services provider’s stock worth $434,000 after buying an additional 320 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in McGrath RentCorp by 31.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 9,293 shares of the financial services provider’s stock worth $1,146,000 after buying an additional 2,240 shares in the last quarter. Finally, Chicago Capital Management LLC bought a new position in McGrath RentCorp in the 1st quarter valued at $336,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.62, for a total value of $114,620.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at $859,650. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $859,650. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the transaction, the chief executive officer now owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,016 shares of company stock worth $5,493,411. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Price Performance

MGRC opened at $120.00 on Wednesday. The firm has a 50 day simple moving average of $108.15 and a 200 day simple moving average of $107.75. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.68 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.39 by $0.48. The company 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 EPS. As a group, analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.58%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s payout ratio is 20.77%.

About McGrath RentCorp

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.