9,800 McGrath RentCorp $MGRC Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al cut its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 72.5% during the third quarter, Holdings Channel reports. The fund owned 3,720 shares of the financial services provider’s stock after selling 9,800 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in McGrath RentCorp were worth $425,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Navellier & Associates Inc. raised its position in McGrath RentCorp by 12.8% in the 2nd quarter. Navellier & Associates Inc. now owns 2,626 shares of the financial services provider’s stock valued at $318,000 after purchasing an additional 297 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of McGrath RentCorp by 19.7% in the third quarter. Nisa Investment Advisors LLC now owns 2,153 shares of the financial services provider’s stock valued at $246,000 after buying an additional 354 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of McGrath RentCorp in the second quarter valued at $45,000. Wedge Capital Management L L P NC increased its stake in shares of McGrath RentCorp by 0.8% in the second quarter. Wedge Capital Management L L P NC now owns 47,481 shares of the financial services provider’s stock valued at $5,747,000 after buying an additional 390 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in shares of McGrath RentCorp by 13.2% in the first quarter. Pictet Asset Management Holding SA now owns 4,075 shares of the financial services provider’s stock valued at $449,000 after buying an additional 476 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $125.02 on Friday. The firm has a market cap of $3.05 billion, a P/E ratio of 19.26, a P/E/G ratio of 1.27 and a beta of 0.48. The firm has a 50 day simple moving average of $115.19 and a 200 day simple moving average of $114.47. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $134.61.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.11. McGrath RentCorp had a net margin of 16.75% and a return on equity of 12.75%. The firm had revenue of $274.61 million during the quarter, compared to analysts’ expectations of $273.25 million. On average, sell-side analysts expect that McGrath RentCorp will post 6.38 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were paid a $0.4950 dividend. This represents a $1.98 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, October 16th. McGrath RentCorp’s dividend payout ratio (DPR) is 30.51%.

Insider Transactions at McGrath RentCorp

In related news, VP John P. Skenesky sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total value of $240,820.00. Following the transaction, the vice president owned 10,634 shares in the company, valued at $1,280,439.94. This trade represents a 15.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph F. Hanna sold 4,748 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $130.73, for a total value of $620,706.04. Following the completion of the transaction, the director owned 139,301 shares in the company, valued at approximately $18,210,819.73. This represents a 3.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,683 shares of company stock worth $2,260,562 over the last 90 days. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a research report on Monday, October 26th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, McGrath RentCorp has an average rating of “Hold” and a consensus target price of $140.00.

McGrath RentCorp Profile

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test equipment and related products. Its modular building offerings served customers needing temporary or permanent space, including classrooms, offices, healthcare facilities and other commercial or institutional applications.

Through brands such as Mobile Modular, the company rented relocatable buildings and portable storage units, while its TRS-RenTelco business provided electronic test and measurement equipment to telecommunications, electronics, aerospace, defense and other industrial customers.