Quest Partners LLC Has $162,000 Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Quest Partners LLC trimmed its position in McGrath RentCorp (NASDAQ:MGRC) by 84.6% in the third quarter, Holdings Channel reports. The fund owned 1,540 shares of the financial services provider’s stock after selling 8,449 shares during the quarter. Quest Partners LLC’s holdings in McGrath RentCorp were worth $162,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MGRC. KBC Group NV increased its position in McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 188 shares during the period. Victory Capital Management Inc. raised its position in shares of McGrath RentCorp by 6.8% during the third quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock worth $79,546,000 after acquiring an additional 47,872 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in McGrath RentCorp by 6.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 18,263 shares of the financial services provider’s stock valued at $1,923,000 after acquiring an additional 1,181 shares during the last quarter. Covestor Ltd lifted its position in shares of McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 161 shares during the period. Finally, River Road Asset Management LLC increased its position in shares of McGrath RentCorp by 68.2% during the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after buying an additional 505,817 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Activity

In other news, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was 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 owns 155,409 shares in the company, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Dawson sold 20,000 shares of the stock in a transaction 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 sale, the director now directly owns 4,000 shares of the company’s stock, valued at $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,016 shares of company stock worth $5,493,411 over the last three months. 1.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on MGRC. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer increased their target price 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.

McGrath RentCorp Price Performance

Shares of MGRC opened at $121.22 on Friday. The stock has a 50-day moving average of $112.62 and a 200-day moving average of $108.70. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The company has a market cap of $2.98 billion, a PE ratio of 13.25, a P/E/G ratio of 1.70 and a beta of 0.74.

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

McGrath RentCorp Dividend Announcement

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

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.