VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.64 Million in McGrath RentCorp $MGRC

Key Points

• Virginia Retirement Systems acquired 13,520 McGrath RentCorp shares worth approximately $1.64 million, while institutional investors collectively own 92.05% of the company.
• McGrath RentCorp missed quarterly expectations, reporting EPS of $1.37 versus the $1.47 consensus estimate and revenue of $221.11 million compared with $236.51 million expected.
• Insiders sold 17,842 shares worth $2.15 million over the past 90 days. Analysts maintain a “Moderate Buy” consensus rating with a $141.50 average price target, above the stock’s reported $110.40 price.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,520 shares of the financial services provider's stock, valued at approximately $1,636,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.06% of McGrath RentCorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company bought a new stake in shares of McGrath RentCorp during the 2nd quarter valued at approximately $1,548,000. Algert Global LLC lifted its stake in McGrath RentCorp by 11.0% in the 2nd quarter. Algert Global LLC now owns 59,827 shares of the financial services provider's stock valued at $7,241,000 after purchasing an additional 5,910 shares during the last quarter. River Road Asset Management LLC lifted its stake in McGrath RentCorp by 3.1% in the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider's stock valued at $223,619,000 after purchasing an additional 64,566 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in McGrath RentCorp in the second quarter valued at approximately $22,833,000. Finally, Bank of America Corp DE boosted its position in McGrath RentCorp by 26.7% in the first quarter. Bank of America Corp DE now owns 123,549 shares of the financial services provider's stock valued at $13,625,000 after buying an additional 26,022 shares in the last quarter. Institutional investors own 92.05% of the company's stock.

Insider Activity

In other news, VP John Lieffrig sold 500 shares of McGrath RentCorp stock in a transaction on Friday, June 26th. The shares were sold at an average price of $125.00, for a total transaction of $62,500.00. Following the transaction, the vice president owned 23,551 shares in the company, valued at approximately $2,943,875. The trade was a 2.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP John P. Skenesky sold 2,000 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total transaction of $240,820.00. Following the completion of the sale, the vice president directly owned 10,634 shares in the company, valued at approximately $1,280,439.94. This represents a 15.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,842 shares of company stock worth $2,154,810. Company insiders own 1.40% of the company's stock.

McGrath RentCorp Trading Up 0.5%

NASDAQ:MGRC opened at $110.40 on Friday. The stock has a market cap of $2.70 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 1.11 and a beta of 0.45. The stock's 50-day moving average is $116.40 and its 200-day moving average is $113.74. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $125.83.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.47 by ($0.10). The firm had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. As a group, equities analysts forecast that McGrath RentCorp will post 6.37 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $141.50.

McGrath RentCorp Profile

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test and measurement equipment, and liquid and solid containment solutions. Its services supported customers in industries including construction, education, government, commercial operations, telecommunications and environmental management.

The company operated through several specialized businesses. Mobile Modular supplied relocatable classrooms, office buildings and other modular structures, while Mobile Modular Portable Storage offered portable storage units.

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