Monarch Partners Asset Management LLC Sells 79,425 Shares of McGrath RentCorp (NASDAQ:MGRC)

Monarch Partners Asset Management LLC decreased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 42.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,025 shares of the financial services provider’s stock after selling 79,425 shares during the quarter. Monarch Partners Asset Management LLC owned about 0.44% of McGrath RentCorp worth $7,378,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in McGrath RentCorp by 1,847.4% during the 3rd quarter. CWM LLC now owns 370 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 351 shares during the last quarter. Meeder Asset Management Inc. bought a new position in McGrath RentCorp during the 2nd quarter worth approximately $44,000. Krane Funds Advisors LLC bought a new position in McGrath RentCorp during the 2nd quarter worth approximately $61,000. Denali Advisors LLC bought a new position in McGrath RentCorp during the 2nd quarter worth approximately $106,000. Finally, Russell Investments Group Ltd. bought a new position in McGrath RentCorp during the 3rd quarter worth approximately $143,000. 85.49% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp stock traded down $1.06 during midday trading on Friday, hitting $73.73. 118,800 shares of the stock were exchanged, compared to its average volume of 102,473. The company has a fifty day simple moving average of $69.37 and a two-hundred day simple moving average of $64.38. McGrath RentCorp has a 52 week low of $48.20 and a 52 week high of $80.47. The stock has a market capitalization of $1.83 billion, a PE ratio of 23.56, a P/E/G ratio of 2.01 and a beta of 0.79.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $1.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.30. McGrath RentCorp had a net margin of 17.02% and a return on equity of 16.03%. The firm had revenue of $173.60 million for the quarter, compared to analyst estimates of $150.77 million. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The business’s revenue was up 21.3% on a year-over-year basis. On average, research analysts forecast that McGrath RentCorp will post 3.75 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend was Wednesday, October 16th. McGrath RentCorp’s payout ratio is currently 47.92%.

In other McGrath RentCorp news, VP Philip B. Hawkins sold 3,310 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $65.54, for a total value of $216,937.40. Following the transaction, the vice president now owns 6,071 shares of the company’s stock, valued at $397,893.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Trease Kristina Van sold 977 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $65.06, for a total transaction of $63,563.62. Following the completion of the transaction, the vice president now directly owns 10,996 shares in the company, valued at approximately $715,399.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,108 shares of company stock worth $908,872. Insiders own 1.80% of the company’s stock.

Several research firms recently weighed in on MGRC. BidaskClub raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 17th. ValuEngine raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $90.00 price objective on the stock in a research note on Friday, November 1st. Finally, Sidoti lifted their price objective on shares of McGrath RentCorp from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday, September 12th.

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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