Dynamic Technology Lab Private Ltd Makes New Investment in McGrath RentCorp (NASDAQ:MGRC)

Dynamic Technology Lab Private Ltd acquired a new position in McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,748 shares of the financial services provider’s stock, valued at approximately $816,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MGRC. River Road Asset Management LLC grew its position in McGrath RentCorp by 68.2% in the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after purchasing an additional 505,817 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of McGrath RentCorp by 6.8% in the third quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock valued at $79,546,000 after buying an additional 47,872 shares during the period. Alpine Associates Management Inc. grew its position in McGrath RentCorp by 9.8% during the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after buying an additional 63,366 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in McGrath RentCorp by 26.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after acquiring an additional 100,210 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in McGrath RentCorp by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock valued at $30,243,000 after acquiring an additional 8,428 shares during the period. Institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling

In related news, VP David M. Whitney sold 5,176 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the sale, the vice president now directly owns 205 shares of the company’s stock, valued at $23,985. This trade represents a 96.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $460,000. This represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,016 shares of company stock worth $5,493,411 in the last quarter. 1.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MGRC shares. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer boosted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd.

McGrath RentCorp Stock Down 0.4 %

NASDAQ:MGRC opened at $121.22 on Thursday. The firm has a market capitalization of $2.98 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The firm has a 50-day moving average price of $112.18 and a 200 day moving average price of $108.62.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same quarter last year, the company earned $1.65 EPS. McGrath RentCorp’s revenue was up 9.5% on a year-over-year basis. On average, research analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s payout ratio is 20.77%.

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.