Millennium Management LLC Sells 122,150 Shares of McGrath RentCorp (NASDAQ:MGRC)

Millennium Management LLC lessened its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 37.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 206,423 shares of the financial services provider's stock after selling 122,150 shares during the quarter. Millennium Management LLC owned approximately 0.84% of McGrath RentCorp worth $23,082,000 as of its most recent filing with the SEC.

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

McGrath RentCorp Trading Down 1.0%

Shares of NASDAQ:MGRC traded down $1.17 during trading on Monday, hitting $113.38. 79,702 shares of the company were exchanged, compared to its average volume of 182,235. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The firm has a fifty day moving average price of $109.49 and a two-hundred day moving average price of $115.22.

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

Insiders Place Their Bets

In other news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. The trade was a 11.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John P. Skenesky sold 2,500 shares of McGrath RentCorp stock in a transaction that occurred on 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 owns 8,692 shares of the company's stock, valued at $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 have sold 13,871 shares of company stock valued at $1,506,731 in the last 90 days. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

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 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.