Nisa Investment Advisors LLC Decreases Stake in McGrath RentCorp (NASDAQ:MGRC)

Nisa Investment Advisors LLC decreased its holdings in McGrath RentCorp (NASDAQ:MGRC) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,854 shares of the financial services provider’s stock after selling 106 shares during the quarter. Nisa Investment Advisors LLC’s holdings in McGrath RentCorp were worth $195,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MGRC. Wealth Enhancement Advisory Services LLC grew its stake in shares of 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 worth $213,000 after purchasing an additional 104 shares during the period. Sei Investments Co. lifted its position in shares of McGrath RentCorp by 2.9% during the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 126 shares during the period. Arizona State Retirement System boosted its stake in shares of McGrath RentCorp by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock worth $732,000 after acquiring an additional 141 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of McGrath RentCorp by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after acquiring an additional 185 shares during the period. Finally, Cim LLC increased its stake in McGrath RentCorp by 4.6% in the 2nd quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 205 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insiders Place Their Bets

In other news, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 4,000 shares of the company’s stock, valued at $460,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director William J. Dawson sold 20,000 shares of the company’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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP David M. Whitney sold 5,176 shares of the firm’s 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 completion of the sale, the vice president now directly owns 205 shares in the company, valued at approximately $23,985. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,176 shares of company stock valued at $3,594,512 in the last ninety days. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $122.55 on Thursday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The business has a 50 day moving average price of $107.37 and a 200 day moving average price of $107.49. The company has a market capitalization of $3.01 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.62 and a beta of 0.74.

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

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.55%. McGrath RentCorp’s dividend payout ratio (DPR) is 20.77%.

Analyst Ratings Changes

A number of analysts have commented on MGRC shares. Oppenheimer boosted their target price on McGrath RentCorp from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 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.