State Board of Administration of Florida Retirement System trimmed its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 34.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,593 shares of the financial services provider’s stock after selling 5,070 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in McGrath RentCorp were worth $596,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Connors Investor Services Inc. lifted its holdings in McGrath RentCorp by 0.5% during the first quarter. Connors Investor Services Inc. now owns 43,935 shares of the financial services provider’s stock valued at $2,485,000 after purchasing an additional 217 shares in the last quarter. US Bancorp DE lifted its holdings in McGrath RentCorp by 4.8% during the first quarter. US Bancorp DE now owns 9,783 shares of the financial services provider’s stock valued at $554,000 after purchasing an additional 450 shares in the last quarter. Campbell & CO Investment Adviser LLC lifted its holdings in McGrath RentCorp by 10.6% during the first quarter. Campbell & CO Investment Adviser LLC now owns 6,633 shares of the financial services provider’s stock valued at $375,000 after purchasing an additional 636 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in McGrath RentCorp during the second quarter valued at approximately $44,000. Finally, Envestnet Asset Management Inc. lifted its holdings in McGrath RentCorp by 6.4% during the second quarter. Envestnet Asset Management Inc. now owns 11,843 shares of the financial services provider’s stock valued at $736,000 after purchasing an additional 716 shares in the last quarter. Institutional investors own 84.90% of the company’s stock.
In other news, CFO Keith E. Pratt sold 2,513 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $69.31, for a total value of $174,176.03. Following the transaction, the chief financial officer now owns 24,050 shares of the company’s stock, valued at $1,666,905.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis P. Stradford sold 2,200 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $68.17, for a total transaction of $149,974.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $340,850. The disclosure for this sale can be found here. Insiders sold 16,955 shares of company stock worth $1,138,508 in the last three months. Insiders own 1.80% of the company’s stock.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, July 30th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.73 by $0.06. McGrath RentCorp had a net margin of 16.54% and a return on equity of 15.13%. The firm had revenue of $127.40 million for the quarter, compared to the consensus estimate of $123.45 million. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts forecast that McGrath RentCorp will post 3.51 earnings per share for the current year.
Several equities analysts have weighed in on the stock. BidaskClub downgraded shares of McGrath RentCorp from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 24th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Friday, August 2nd. Finally, Sidoti lifted their price target on shares of McGrath RentCorp from $78.00 to $83.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. McGrath RentCorp has an average rating of “Buy” and an average price target of $76.33.
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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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