Millennium Management LLC Reduces Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Millennium Management LLC lowered its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 37.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 206,423 shares of the financial services provider's stock after selling 122,150 shares during the quarter. Millennium Management LLC owned 0.84% of McGrath RentCorp worth $23,082,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC increased its position in McGrath RentCorp by 3.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,602 shares of the financial services provider's stock worth $291,000 after purchasing an additional 86 shares in the last quarter. Summit Investment Advisors Inc. increased its position in McGrath RentCorp by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,553 shares of the financial services provider's stock worth $285,000 after purchasing an additional 162 shares in the last quarter. Sei Investments Co. increased its position in McGrath RentCorp by 1.8% during the 4th quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider's stock worth $1,182,000 after purchasing an additional 184 shares in the last quarter. Forum Financial Management LP increased its position in McGrath RentCorp by 11.2% during the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after purchasing an additional 216 shares in the last quarter. Finally, EP Wealth Advisors LLC increased its position in McGrath RentCorp by 11.0% during the 4th quarter. EP Wealth Advisors LLC now owns 2,416 shares of the financial services provider's stock worth $270,000 after purchasing an additional 239 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, VP John P. Skenesky sold 2,500 shares of McGrath RentCorp 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 transaction, the vice president now directly owns 8,692 shares of the company's stock, valued at $967,593.44. The trade was a 22.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Joseph F. Hanna sold 5,567 shares of McGrath RentCorp stock in a transaction dated 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 transaction, the chief executive officer now directly owns 176,897 shares in the company, valued at $19,262,314.33. This represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,871 shares of company stock valued at $1,506,731. Insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded down $1.17 during mid-day trading on Friday, reaching $113.38. The company's stock had a trading volume of 79,702 shares, compared to its average volume of 181,694. The company's fifty day simple moving average is $109.53 and its two-hundred day simple moving average is $115.36. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The stock has a market cap of $2.79 billion, a P/E ratio of 12.02, a P/E/G ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The firm had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. During the same period last year, the company earned $0.93 EPS. The firm's quarterly revenue was up 4.0% on a year-over-year basis. Sell-side analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp 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.