Woodline Partners LP Decreases Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Woodline Partners LP decreased its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 91.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,235 shares of the financial services provider's stock after selling 132,296 shares during the period. Woodline Partners LP's holdings in McGrath RentCorp were worth $1,368,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MGRC. Squarepoint Ops LLC increased its holdings in shares of McGrath RentCorp by 24.2% in the fourth quarter. Squarepoint Ops LLC now owns 14,624 shares of the financial services provider's stock worth $1,635,000 after purchasing an additional 2,851 shares during the period. Two Sigma Advisers LP grew its stake in shares of McGrath RentCorp by 30.2% during the fourth quarter. Two Sigma Advisers LP now owns 136,662 shares of the financial services provider's stock valued at $15,282,000 after buying an additional 31,700 shares during the last quarter. Teza Capital Management LLC purchased a new stake in shares of McGrath RentCorp during the fourth quarter worth about $213,000. State of Wyoming purchased a new stake in shares of McGrath RentCorp during the fourth quarter worth about $159,000. Finally, Silvercrest Asset Management Group LLC lifted its holdings in McGrath RentCorp by 12.1% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 333,046 shares of the financial services provider's stock worth $37,241,000 after buying an additional 36,057 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

Shares of MGRC traded down $1.02 on Friday, hitting $112.35. 14,028 shares of the stock traded hands, compared to its average volume of 181,127. The company has a market capitalization of $2.76 billion, a PE ratio of 11.92, a P/E/G ratio of 1.35 and a beta of 0.66. The business has a 50 day simple moving average of $109.45 and a 200 day simple moving average of $115.15. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results 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. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same quarter in the previous year, the firm posted $0.93 EPS. The firm's revenue was up 4.0% on a year-over-year basis. On average, equities analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph F. Hanna sold 5,567 shares of McGrath RentCorp stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the transaction, the chief executive officer now owns 176,897 shares in the company, valued at approximately $19,262,314.33. The trade was a 3.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John P. Skenesky sold 2,500 shares of McGrath RentCorp stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $111.32, for a total transaction of $278,300.00. Following the transaction, the vice president now owns 8,692 shares in the company, valued at approximately $967,593.44. This trade represents a 22.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,871 shares of company stock valued at $1,382,041. Company insiders own 1.60% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note 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.