Nuveen Asset Management LLC Increases Stake in McGrath RentCorp (NASDAQ:MGRC)

Nuveen Asset Management LLC lifted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 11.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 97,441 shares of the financial services provider's stock after buying an additional 10,107 shares during the period. Nuveen Asset Management LLC owned 0.40% of McGrath RentCorp worth $10,896,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in MGRC. Atala Financial Inc bought a new stake in shares of McGrath RentCorp in the 4th quarter valued at approximately $31,000. New Age Alpha Advisors LLC bought a new position in shares of McGrath RentCorp in the fourth quarter valued at about $33,000. Canada Pension Plan Investment Board bought a new stake in shares of McGrath RentCorp during the fourth quarter worth approximately $89,000. KBC Group NV grew its holdings in McGrath RentCorp by 37.3% during the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after purchasing an additional 286 shares during the period. Finally, Focus Partners Wealth bought a new stake in shares of McGrath RentCorp during the fourth quarter worth $136,000. 92.05% of the stock is currently owned by institutional investors.

Insider Transactions at McGrath RentCorp

In related news, VP John P. Skenesky sold 2,500 shares of the stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $606,190.63. Following the completion of the sale, the chief executive officer now owns 176,897 shares in the company, valued at $19,262,314.33. The trade was a 3.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,871 shares of company stock worth $1,382,041 in the last three months. Insiders own 1.60% of the company's stock.

McGrath RentCorp Stock Down 0.5%

Shares of MGRC stock traded down $0.62 on Friday, reaching $112.74. The company's stock had a trading volume of 109,133 shares, compared to its average volume of 182,502. The stock's 50 day simple moving average is $109.36 and its 200-day simple moving average is $115.03. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The company has a market capitalization of $2.77 billion, a P/E ratio of 11.96, a PEG ratio of 1.35 and a beta of 0.66.

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

Analysts Set New Price Targets

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

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.