Millburn Ridgefield Corp Takes Position in McGrath RentCorp (NASDAQ:MGRC)

Millburn Ridgefield Corp acquired a new position in McGrath RentCorp (NASDAQ:MGRC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,930 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other hedge funds have also recently modified their holdings of MGRC. Hotchkis & Wiley Capital Management LLC bought a new position in McGrath RentCorp during the third quarter valued at approximately $6,383,000. Centiva Capital LP boosted its stake in shares of McGrath RentCorp by 107.4% in the 3rd quarter. Centiva Capital LP now owns 8,519 shares of the financial services provider’s stock worth $897,000 after buying an additional 4,411 shares during the last quarter. Chescapmanager LLC purchased a new stake in McGrath RentCorp during the third quarter valued at $2,489,000. Clearline Capital LP bought a new position in McGrath RentCorp in the third quarter valued at about $11,976,000. Finally, Walleye Capital LLC purchased a new position in McGrath RentCorp in the third quarter worth about $15,967,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Oppenheimer increased their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note 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.

Insider Buying and Selling at McGrath RentCorp

In other news, Director William J. Dawson sold 20,000 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the sale, the director now owns 4,000 shares in the company, valued at $460,000. This trade represents a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total value of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,016 shares of company stock valued at $5,493,411 over the last ninety days. 1.60% of the stock is currently owned by company insiders.

McGrath RentCorp Stock Performance

NASDAQ:MGRC opened at $121.30 on Wednesday. The stock has a 50-day simple moving average of $113.71 and a two-hundred day simple moving average of $108.96. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The firm has a market capitalization of $2.98 billion, a PE ratio of 13.26, a P/E/G ratio of 1.70 and a beta of 0.75.

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

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a $0.475 dividend. The ex-dividend date was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. McGrath RentCorp’s payout ratio is presently 20.77%.

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.