Sanctuary Advisors LLC Takes Position in McGrath RentCorp (NASDAQ:MGRC)

Sanctuary Advisors LLC purchased a new position in McGrath RentCorp (NASDAQ:MGRC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 5,202 shares of the financial services provider’s stock, valued at approximately $548,000.

Several other large investors have also added to or reduced their stakes in MGRC. KBC Group NV grew its holdings in shares of McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 188 shares during the period. Covestor Ltd boosted 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 valued at $125,000 after purchasing an additional 161 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in McGrath RentCorp in the third quarter worth $203,000. Wealth Enhancement Advisory Services LLC raised its holdings in McGrath RentCorp by 5.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 104 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in McGrath RentCorp during the third quarter valued at $238,000. Institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

In related news, Director William J. Dawson sold 20,000 shares of the company’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 completion of the sale, the director now owns 4,000 shares in the company, valued at approximately $460,000. This represents a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gilda Malek sold 919 shares of the stock in a transaction dated Monday, December 9th. The shares were 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 worth $5,605,327. Company insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

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

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $112.56 on Thursday. The firm’s 50 day moving average price is $116.85 and its 200-day moving average price is $109.86. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company has a market cap of $2.76 billion, a PE ratio of 12.30, a P/E/G ratio of 1.66 and a beta of 0.75.

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. 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 period in the prior year, the firm posted $1.65 EPS. On average, analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Friday, January 17th. McGrath RentCorp’s dividend payout ratio (DPR) is 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.