State of New Jersey Common Pension Fund D Increases Holdings in McGrath RentCorp (NASDAQ:MGRC)

State of New Jersey Common Pension Fund D raised its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 6.9% in the third quarter, Holdings Channel reports. The institutional investor owned 18,263 shares of the financial services provider’s stock after buying an additional 1,181 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in McGrath RentCorp were worth $1,923,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Covestor Ltd raised its stake in McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after buying an additional 161 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of McGrath RentCorp in the 1st quarter worth $171,000. Aristides Capital LLC bought a new stake in shares of McGrath RentCorp in the 1st quarter worth $239,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 104 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of McGrath RentCorp by 38.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,495 shares of the financial services provider’s stock worth $431,000 after purchasing an additional 965 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Price Performance

Shares of MGRC opened at $116.81 on Monday. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The firm has a market capitalization of $2.87 billion, a P/E ratio of 12.77, a PEG ratio of 1.63 and a beta of 0.74. The business has a fifty day moving average of $109.43 and a 200 day moving average of $108.03.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping 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 company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same quarter in the previous year, the company posted $1.65 earnings per share. McGrath RentCorp’s revenue was up 9.5% compared to the same quarter last year. Analysts expect that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were issued a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s payout ratio is currently 20.77%.

Insider Buying and Selling

In related news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $859,650. The trade was a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp 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 transaction, the vice president now owns 205 shares in the company, valued at $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,016 shares of company stock valued at $5,493,411 over the last 90 days. Company insiders own 1.60% of the company’s stock.

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.