Fmr LLC Purchases 113,164 Shares of McGrath RentCorp (NASDAQ:MGRC)

Fmr LLC increased its position in McGrath RentCorp (NASDAQ:MGRC) by 3,120.0% in the 3rd quarter, Holdings Channel reports. The firm owned 116,791 shares of the financial services provider’s stock after buying an additional 113,164 shares during the quarter. Fmr LLC’s holdings in McGrath RentCorp were worth $12,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of 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 valued at $213,000 after acquiring an additional 104 shares during the period. Arizona State Retirement System lifted its holdings in shares of McGrath RentCorp by 2.1% during the second quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 141 shares during the period. Covestor Ltd lifted its holdings in shares of 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 acquiring an additional 161 shares during the period. Sei Investments Co. lifted its holdings in shares of McGrath RentCorp by 4.1% during the second quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock valued at $496,000 after acquiring an additional 183 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of McGrath RentCorp by 1.8% during the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after acquiring an additional 185 shares during the period. 92.05% of the stock is owned by institutional investors.

Insider Transactions at McGrath RentCorp

In other news, VP Gilda Malek sold 919 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David M. Whitney sold 5,176 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was 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 approximately $23,985. The trade was a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is currently owned by company insiders.

McGrath RentCorp Stock Down 0.2 %

McGrath RentCorp stock opened at $119.81 on Thursday. The stock has a 50-day simple moving average of $115.37 and a 200 day simple moving average of $109.38. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.71 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data 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 firm had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The company’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company earned $1.65 earnings per share. As a group, sell-side analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGRC. CJS Securities began coverage on McGrath RentCorp in a report on Wednesday. They set an “outperform” rating and a $152.00 price objective for the company. Oppenheimer lifted their price target on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

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.