D. E. Shaw & Co. Inc. Decreases Stake in McGrath RentCorp (NASDAQ:MGRC)

D. E. Shaw & Co. Inc. lowered its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 43.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 approximately 0.13% of McGrath RentCorp worth $3,585,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of 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 purchasing an additional 2,648 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of McGrath RentCorp by 29.8% during the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock worth $1,834,000 after purchasing an additional 3,767 shares during the period. Asset Management One Co. Ltd. purchased a new position in shares of McGrath RentCorp during the 4th quarter worth $3,833,000. One Wealth Advisors LLC lifted its stake in shares of McGrath RentCorp by 40.1% during the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock worth $1,885,000 after purchasing an additional 4,824 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of McGrath RentCorp by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock worth $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.

Insider Transactions at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 5,567 shares of the stock in a transaction on Thursday, May 1st. The stock was 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 directly owns 176,897 shares in the company, valued at approximately $19,262,314.33. This represents a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John P. Skenesky sold 2,500 shares of the stock in a transaction 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 approximately $967,593.44. This represents a 22.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,871 shares of company stock worth $1,506,731 in the last ninety days. 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 note on Friday, April 25th.

McGrath RentCorp Stock Down 1.0%

Shares of MGRC stock traded down $1.17 on Friday, reaching $113.38. 79,702 shares of the stock were exchanged, compared to its average volume of 182,235. The stock has a market cap of $2.79 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The firm has a 50 day moving average of $109.53 and a two-hundred day moving average of $115.31. 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 released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.13. The business 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 period in the prior year, the firm posted $0.93 EPS. On average, equities research analysts predict that McGrath RentCorp will post 6.18 EPS 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.