107,438 Shares of McGrath RentCorp $MGRC Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 107,438 McGrath RentCorp shares worth approximately $13 million, giving it a 0.44% stake. Institutional investors collectively owned 92.05% of the company.
• McGrath RentCorp reported quarterly earnings of $1.37 per share and revenue of $221.11 million, missing analyst estimates of $1.47 and $236.51 million, respectively.
• The company declared a quarterly dividend of $0.495 per share, equivalent to an annualized $1.98 payout and a 1.7% yield. Analysts maintained an overall “Hold” rating with a $140 average price target, while insiders sold about $1.68 million in shares over the past 90 days.

Bank of America Corp DE acquired a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 107,438 shares of the financial services provider's stock, valued at approximately $13,003,000. Bank of America Corp DE owned 0.44% of McGrath RentCorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Freestone Grove Partners LP purchased a new stake in shares of McGrath RentCorp during the second quarter worth about $909,000. Odyssean LLC purchased a new stake in McGrath RentCorp during the 2nd quarter worth approximately $452,000. Medina Value Partners LLC purchased a new stake in McGrath RentCorp during the 2nd quarter worth approximately $25,451,883. Jupiter Topco LLC acquired a new position in shares of McGrath RentCorp during the second quarter valued at approximately $1,369,000. Finally, Manatuck Hill Partners LLC acquired a new position in shares of McGrath RentCorp during the second quarter valued at approximately $4,878,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $113.23 on Friday. The company's 50 day simple moving average is $115.48 and its 200-day simple moving average is $113.76. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $125.83. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 1.13 and a beta of 0.45.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.47 by ($0.10). The company had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. Equities analysts expect that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be paid a $0.4950 dividend. The ex-dividend date of this dividend is Friday, October 16th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. McGrath RentCorp's payout ratio is presently 31.88%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $140.00.

Insider Activity at McGrath RentCorp

In related news, VP John P. Skenesky sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total transaction of $240,820.00. Following the completion of the transaction, the vice president directly owned 10,634 shares in the company, valued at $1,280,439.94. This trade represents a 15.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Philip Hawkins sold 4,435 shares of McGrath RentCorp stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $120.91, for a total value of $536,235.85. Following the completion of the transaction, the chief executive officer directly owned 13,371 shares of the company's stock, valued at approximately $1,616,687.61. This represents a 24.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 13,935 shares of company stock worth $1,681,856. 1.40% of the stock is currently owned by company insiders.

McGrath RentCorp Company Profile

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test and measurement equipment, and liquid and solid containment solutions. Its services supported customers in industries including construction, education, government, commercial operations, telecommunications and environmental management.

The company operated through several specialized businesses. Mobile Modular supplied relocatable classrooms, office buildings and other modular structures, while Mobile Modular Portable Storage offered portable storage units.

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