151,664 Shares in McGrath RentCorp (NASDAQ:MGRC) Purchased by Walleye Capital LLC

Walleye Capital LLC bought a new stake in shares of McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 151,664 shares of the financial services provider’s stock, valued at approximately $15,967,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV lifted its stake in McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 188 shares during the period. Covestor Ltd lifted its stake in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 161 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 104 shares during the period. Blue Trust Inc. bought a new position in shares of McGrath RentCorp in the 2nd quarter worth approximately $383,000. Finally, Inspire Investing LLC lifted its stake in shares of McGrath RentCorp by 17.4% in the 3rd quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider’s stock worth $411,000 after purchasing an additional 577 shares during the period. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Up 0.5 %

Shares of NASDAQ:MGRC opened at $121.85 on Friday. The firm’s 50 day moving average price is $113.07 and its 200-day moving average price is $108.80. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a market capitalization of $2.99 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.65 EPS. Analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is 20.77%.

Insider Buying and Selling

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the sale, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Dawson sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the sale, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $460,000. This trade represents a 83.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,016 shares of company stock valued at $5,493,411. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on MGRC. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer increased their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd.

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.