McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. decreased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 97.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,010 shares of the financial services provider’s stock after selling 475,180 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in McGrath RentCorp were worth $1,159,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of MGRC. SG Americas Securities LLC acquired a new position in shares of McGrath RentCorp during the first quarter valued at $171,000. Sei Investments Co. lifted its holdings in McGrath RentCorp by 2.9% in the first quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 126 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in McGrath RentCorp by 31.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 9,293 shares of the financial services provider’s stock worth $1,146,000 after purchasing an additional 2,240 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in McGrath RentCorp by 38.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,495 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 965 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in McGrath RentCorp by 138.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider’s stock worth $1,144,000 after purchasing an additional 5,388 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MGRC. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Oppenheimer upped their price objective on shares of McGrath RentCorp from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 25th.

Insiders Place Their Bets

In other 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 value of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares of the company’s stock, valued at $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William J. Dawson sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,016 shares of company stock worth $5,493,411. Company insiders own 1.60% of the company’s stock.

McGrath RentCorp Trading Down 3.1 %

Shares of NASDAQ MGRC opened at $116.81 on Monday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 1.63 and a beta of 0.74. The firm has a 50-day moving average of $109.43 and a two-hundred day moving average of $108.03.

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

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.63%. 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.