Nisa Investment Advisors LLC Cuts Holdings in McGrath RentCorp (NASDAQ:MGRC)

Nisa Investment Advisors LLC lowered its position in McGrath RentCorp (NASDAQ:MGRC) by 5.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,854 shares of the financial services provider’s stock after selling 106 shares during the quarter. Nisa Investment Advisors LLC’s holdings in McGrath RentCorp were worth $195,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MGRC. SG Americas Securities LLC purchased a new position in shares of McGrath RentCorp in the 1st quarter worth about $171,000. TFG Advisers LLC purchased a new position in McGrath RentCorp in the first quarter valued at approximately $203,000. Meeder Asset Management Inc. acquired a new position in McGrath RentCorp during the first quarter valued at approximately $213,000. Wealth Enhancement Advisory Services LLC grew its stake in McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after buying an additional 104 shares during the period. Finally, Aristides Capital LLC purchased a new stake in McGrath RentCorp during the first quarter worth approximately $239,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $122.55 on Thursday. The firm has a market capitalization of $3.01 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 1.62 and a beta of 0.74. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The stock’s 50 day moving average price is $107.37 and its 200 day moving average price is $107.49.

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

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were given a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.55%. McGrath RentCorp’s payout ratio is currently 20.77%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MGRC shares. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer raised their price objective on McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 25th.

Insider Activity

In related news, VP David M. Whitney sold 5,176 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the transaction, the vice president now owns 205 shares in the company, valued at approximately $23,985. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP David M. Whitney sold 5,176 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now directly owns 205 shares of the company’s stock, valued at $23,985. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now owns 7,500 shares in the company, valued at $859,650. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,176 shares of company stock worth $3,594,512 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

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.