McGrath RentCorp (NASDAQ:MGRC) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. decreased its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 43.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,062 shares of the financial services provider's stock after selling 24,475 shares during the quarter. D. E. Shaw & Co. Inc. owned 0.13% of McGrath RentCorp worth $3,585,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in McGrath RentCorp by 1,487.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock worth $312,000 after buying an additional 2,648 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of McGrath RentCorp by 29.8% in the fourth quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock worth $1,834,000 after acquiring an additional 3,767 shares during the period. Asset Management One Co. Ltd. purchased a new position in shares of McGrath RentCorp during the fourth quarter worth $3,833,000. One Wealth Advisors LLC lifted its position in McGrath RentCorp by 40.1% during the fourth quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock valued at $1,885,000 after purchasing an additional 4,824 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in McGrath RentCorp by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock valued at $32,819,000 after purchasing an additional 6,238 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insiders Place Their Bets

In other McGrath RentCorp news, COO Philip B. Hawkins sold 4,804 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $103.57, for a total value of $497,550.28. Following the sale, the chief operating officer now directly owns 3,150 shares of the company's stock, valued at approximately $326,245.50. This trade represents a 60.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total value of $606,190.63. Following the completion of the sale, the chief executive officer now owns 176,897 shares of the company's stock, valued at $19,262,314.33. This trade represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,871 shares of company stock worth $1,506,731. Company insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

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

McGrath RentCorp Price Performance

NASDAQ:MGRC traded up $1.07 during trading hours on Thursday, reaching $114.55. The company had a trading volume of 129,059 shares, compared to its average volume of 181,461. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The business's 50 day moving average price is $109.54 and its 200-day moving average price is $115.39. The firm has a market cap of $2.82 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66.

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

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.