Bank of America Corp DE trimmed its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 18.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 95,027 shares of the financial services provider's stock after selling 21,307 shares during the quarter. Bank of America Corp DE owned approximately 0.39% of McGrath RentCorp worth $10,626,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in McGrath RentCorp by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock valued at $304,836,000 after purchasing an additional 29,467 shares during the last quarter. River Road Asset Management LLC increased its position in McGrath RentCorp by 52.1% in the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock valued at $212,116,000 after acquiring an additional 649,567 shares during the period. Franklin Resources Inc. raised its stake in McGrath RentCorp by 7.9% during the 4th quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock valued at $134,091,000 after acquiring an additional 87,329 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in McGrath RentCorp by 11.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider's stock worth $102,610,000 after acquiring an additional 97,290 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in McGrath RentCorp by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock worth $88,198,000 after acquiring an additional 50,674 shares during the period. Institutional investors and hedge funds own 92.05% of the company's stock.
McGrath RentCorp Stock Performance
Shares of MGRC stock traded down $0.24 during mid-day trading on Thursday, hitting $113.36. 57,726 shares of the stock traded hands, compared to its average volume of 181,793. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The company's 50-day simple moving average is $109.45 and its 200-day simple moving average is $115.15. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. During the same quarter last year, the business posted $0.93 earnings per share. The company's quarterly revenue was up 4.0% on a year-over-year basis. Analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.
Analysts Set New Price Targets
Separately, Wall Street Zen upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday, April 25th.
Check Out Our Latest Stock Analysis on MGRC
Insider Transactions at McGrath RentCorp
In other news, CEO Joseph F. Hanna sold 5,567 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the sale, the chief executive officer now directly owns 176,897 shares of the company's stock, valued at $19,262,314.33. This represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John P. Skenesky sold 2,500 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $111.32, for a total value of $278,300.00. Following the sale, the vice president now owns 8,692 shares in the company, valued at approximately $967,593.44. The trade was a 22.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,871 shares of company stock valued at $1,382,041 in the last quarter. Insiders own 1.60% of the company's stock.
About McGrath RentCorp
(
Free Report)
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.
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