McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in McGrath RentCorp (NASDAQ:MGRC) by 77.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,277 shares of the financial services provider’s stock after selling 7,702 shares during the quarter. Principal Financial Group Inc.’s holdings in McGrath RentCorp were worth $240,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. KBC Group NV boosted its stake in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after buying an additional 188 shares during the period. Covestor Ltd lifted its stake in McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 161 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in McGrath RentCorp in the third quarter valued at approximately $203,000. Wealth Enhancement Advisory Services LLC raised its holdings 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 purchasing an additional 104 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of McGrath RentCorp during the third quarter worth about $238,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares of the company’s stock, valued at $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $859,650. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,935 shares of company stock valued at $5,605,327 over the last three months. 1.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $110.08 on Tuesday. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.66 and a beta of 0.77. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The firm has a 50 day moving average price of $117.46 and a 200 day moving average price of $110.24.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm had revenue of $266.76 million for the quarter, compared to analysts’ expectations of $227.76 million. During the same period in the previous year, the company posted $1.65 earnings per share. McGrath RentCorp’s revenue was up 9.5% compared to the same quarter last year. Sell-side analysts predict that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.475 dividend. The ex-dividend date is Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.73%. 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.