ProShare Advisors LLC Lowers Position in McGrath RentCorp (NASDAQ:MGRC)

ProShare Advisors LLC cut its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 69,831 shares of the financial services provider's stock after selling 3,091 shares during the period. ProShare Advisors LLC owned approximately 0.28% of McGrath RentCorp worth $7,809,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Atala Financial Inc purchased a new position in McGrath RentCorp in the 4th quarter worth approximately $31,000. New Age Alpha Advisors LLC bought a new stake in shares of McGrath RentCorp in the 4th quarter worth $33,000. Canada Pension Plan Investment Board purchased a new position in shares of McGrath RentCorp in the fourth quarter worth $89,000. KBC Group NV raised its stake in shares of McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after purchasing an additional 286 shares during the last quarter. Finally, Focus Partners Wealth bought a new position in shares of McGrath RentCorp during the fourth quarter valued at $136,000. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Price Performance

McGrath RentCorp stock traded down $1.61 during midday trading on Friday, reaching $112.94. 14,693 shares of the company traded hands, compared to its average volume of 181,144. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The business has a 50 day moving average of $109.54 and a two-hundred day moving average of $115.38. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66.

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

Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now owns 7,500 shares of the company's stock, valued at approximately $935,175. This trade represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joseph F. Hanna sold 5,567 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer now owns 176,897 shares of the company's stock, valued at $19,262,314.33. This trade represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,871 shares of company stock worth $1,506,731. 1.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a report 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.