Citadel Advisors LLC Trims Position in McGrath RentCorp (NASDAQ:MGRC)

Citadel Advisors LLC lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 75.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,497 shares of the financial services provider's stock after selling 104,457 shares during the quarter. Citadel Advisors LLC owned about 0.14% of McGrath RentCorp worth $3,746,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MGRC. Vanguard Group Inc. grew its position in McGrath RentCorp by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock valued at $304,836,000 after acquiring an additional 29,467 shares during the last quarter. River Road Asset Management LLC grew its position in McGrath RentCorp by 52.1% in the fourth 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 last quarter. Franklin Resources Inc. grew its holdings in shares of McGrath RentCorp by 7.9% during the fourth quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock worth $134,091,000 after purchasing an additional 87,329 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of McGrath RentCorp by 11.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider's stock worth $102,610,000 after purchasing an additional 97,290 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of McGrath RentCorp by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock worth $88,198,000 after purchasing an additional 50,674 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded down $1.17 during trading on Friday, reaching $113.38. 79,702 shares of the stock were exchanged, compared to its average volume of 182,235. 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. The stock has a fifty day moving average of $109.53 and a two-hundred day moving average of $115.27. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. The firm had revenue of $195.42 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $0.93 EPS. Sell-side analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, VP John P. Skenesky sold 2,500 shares of the firm'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 completion of the transaction, the vice president now owns 8,692 shares in the company, valued at $967,593.44. This trade represents a 22.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,871 shares of company stock worth $1,506,731. 1.60% of the stock is owned by company insiders.

About McGrath RentCorp

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.