Verition Fund Management LLC Sells 1,709 Shares of McGrath RentCorp (NASDAQ:MGRC)

Verition Fund Management LLC cut its stake in McGrath RentCorp (NASDAQ:MGRC) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,638 shares of the financial services provider’s stock after selling 1,709 shares during the period. Verition Fund Management LLC owned about 0.09% of McGrath RentCorp worth $2,278,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. KBC Group NV lifted its holdings in shares of McGrath RentCorp by 32.5% during the third 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 boosted its position in McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after buying an additional 161 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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 buying an additional 104 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of McGrath RentCorp in the 2nd quarter worth approximately $383,000. Finally, Inspire Investing LLC grew its position in McGrath RentCorp by 17.4% during the 3rd 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. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Up 0.1 %

MGRC stock opened at $121.65 on Friday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The business’s fifty day moving average is $114.16 and its 200-day moving average is $109.13. The company has a market cap of $2.99 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data 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. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. During the same quarter in the previous year, the company earned $1.65 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Research analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is 20.77%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction 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 transaction, the chief executive officer now owns 155,409 shares in the company, valued at approximately $18,630,430.92. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $859,650. This represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,016 shares of company stock worth $5,493,411. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Company 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.