McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 18.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,027 shares of the financial services provider's stock after selling 21,307 shares during the period. Bank of America Corp DE owned about 0.39% of McGrath RentCorp worth $10,626,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGRC. Atala Financial Inc acquired a new stake in shares of McGrath RentCorp during the 4th quarter valued at about $31,000. New Age Alpha Advisors LLC purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $33,000. Canada Pension Plan Investment Board purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $89,000. KBC Group NV raised its stake in shares of McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after buying an additional 286 shares during the period. Finally, Xponance Inc. purchased a new position in shares of McGrath RentCorp during the 4th quarter valued at approximately $200,000. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insider Transactions at McGrath RentCorp

In other news, VP John P. Skenesky sold 2,500 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $111.32, for a total value of $278,300.00. Following the completion of the sale, the vice president now owns 8,692 shares of the company's stock, valued at $967,593.44. This represents a 22.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Philip B. Hawkins sold 4,804 shares of McGrath RentCorp stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $103.57, for a total transaction of $497,550.28. Following the sale, the chief operating officer now directly owns 3,150 shares in the company, valued at approximately $326,245.50. The trade was a 60.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,871 shares of company stock worth $1,382,041 in the last quarter. Company insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ MGRC traded down $0.30 during mid-day trading on Thursday, hitting $113.31. The stock had a trading volume of 10,312 shares, compared to its average volume of 181,161. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm's 50 day moving average is $109.51 and its 200 day moving average is $115.21.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.02 by $0.13. The firm had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 earnings per share. As a group, equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 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.