Victory Capital Management Inc. boosted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 8.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,775 shares of the financial services provider’s stock after purchasing an additional 1,477 shares during the quarter. Victory Capital Management Inc. owned about 0.08% of McGrath RentCorp worth $685,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Chartwell Investment Partners LLC bought a new stake in McGrath RentCorp during the 2nd quarter valued at approximately $3,858,000. Deprince Race & Zollo Inc. increased its stake in McGrath RentCorp by 4.2% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock worth $38,752,000 after acquiring an additional 45,353 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in McGrath RentCorp by 260.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 3,241 shares during the last quarter. Comerica Bank increased its stake in McGrath RentCorp by 5.5% in the 2nd quarter. Comerica Bank now owns 73,046 shares of the financial services provider’s stock worth $2,521,000 after acquiring an additional 3,803 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in McGrath RentCorp by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after acquiring an additional 172 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors.
A number of analysts have issued reports on MGRC shares. BidaskClub raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Saturday, August 5th.
In other McGrath RentCorp news, VP Trease Kristina Van sold 3,400 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $39.61, for a total transaction of $134,674.00. Following the completion of the transaction, the vice president now owns 15,030 shares of the company’s stock, valued at $595,338.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John P. Skenesky sold 7,561 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $38.47, for a total value of $290,871.67. Following the transaction, the vice president now directly owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The disclosure for this sale can be found here. Insiders have sold 18,265 shares of company stock valued at $719,958 in the last three months. Insiders own 4.60% of the company’s stock.
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Shares of McGrath RentCorp (MGRC) opened at 40.69 on Friday. The firm has a 50-day moving average price of $39.17 and a 200-day moving average price of $35.39. The company has a market cap of $976.28 million, a P/E ratio of 23.26 and a beta of 0.96. McGrath RentCorp has a 1-year low of $29.27 and a 1-year high of $41.61.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The business had revenue of $109.58 million during the quarter, compared to analysts’ expectations of $105.36 million. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The business’s revenue was up 6.3% compared to the same quarter last year. On average, equities analysts expect that McGrath RentCorp will post $1.88 EPS for the current year.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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