Loomis Sayles & Co. L P Has $9.46 Million Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Loomis Sayles & Co. L P reduced its position in McGrath RentCorp (NASDAQ:MGRC) by 64.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 89,858 shares of the financial services provider’s stock after selling 164,815 shares during the period. Loomis Sayles & Co. L P owned 0.37% of McGrath RentCorp worth $9,460,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its holdings 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 acquiring an additional 104 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of McGrath RentCorp by 2.1% in the second quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after buying an additional 141 shares during the period. Covestor Ltd boosted its stake in shares of McGrath RentCorp by 15.8% in 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 period. Sei Investments Co. boosted its stake in shares of McGrath RentCorp by 4.1% in the second quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock valued at $496,000 after buying an additional 183 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of McGrath RentCorp by 1.8% in 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 buying an additional 185 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Trading Down 0.4 %

McGrath RentCorp stock opened at $121.22 on Thursday. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 1.70 and a beta of 0.74. The firm has a 50 day simple moving average of $112.18 and a 200 day simple moving average of $108.62.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.65 EPS. On average, equities research analysts forecast that McGrath RentCorp will post 5.5 EPS for the current 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 issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer increased their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd.

Insiders Place Their Bets

In related news, VP David M. Whitney sold 5,176 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now directly owns 205 shares of the company’s stock, valued at approximately $23,985. This trade represents a 96.19 % 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 firm’s 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 directly owns 7,500 shares of the company’s stock, valued at $859,650. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is currently owned by company insiders.

McGrath RentCorp Company 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.