McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P reduced its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 64.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,858 shares of the financial services provider’s stock after selling 164,815 shares during the period. Loomis Sayles & Co. L P’s holdings in McGrath RentCorp were worth $9,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. KBC Group NV boosted its position in McGrath RentCorp by 32.5% during the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 188 shares in the last quarter. Covestor Ltd increased its stake in McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 161 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares during the last quarter. Blue Trust Inc. acquired a new stake in McGrath RentCorp during the second quarter worth $383,000. Finally, Inspire Investing LLC increased its stake in McGrath RentCorp by 17.4% during the third quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider’s stock worth $411,000 after acquiring an additional 577 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MGRC. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer raised their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd.

Insider Buying and Selling at McGrath RentCorp

In other news, Director William J. Dawson sold 20,000 shares of McGrath RentCorp stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the sale, the director now owns 4,000 shares in the company, valued at approximately $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now owns 205 shares in the company, valued at $23,985. This trade represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,016 shares of company stock worth $5,493,411 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Trading Down 0.4 %

NASDAQ:MGRC opened at $121.22 on Thursday. The firm has a market cap 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. The stock has a fifty day moving average price of $112.18 and a 200 day moving average price of $108.62. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86.

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, beating analysts’ consensus estimates of $1.39 by $0.48. The firm had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. McGrath RentCorp’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the business posted $1.65 earnings per share. Equities analysts forecast that McGrath RentCorp will post 5.5 EPS 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 paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

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.