FORA Capital LLC Invests $421,000 in McGrath RentCorp (NASDAQ:MGRC)

FORA Capital LLC bought a new stake in McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,996 shares of the financial services provider’s stock, valued at approximately $421,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Swedbank AB increased its holdings in shares of McGrath RentCorp by 66.7% in the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after acquiring an additional 80,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in McGrath RentCorp by 26.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after purchasing an additional 100,210 shares in the last quarter. Quest Partners LLC purchased a new position in McGrath RentCorp in the second quarter valued at approximately $1,064,000. CANADA LIFE ASSURANCE Co raised its holdings in McGrath RentCorp by 138.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider’s stock worth $1,144,000 after purchasing an additional 5,388 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of McGrath RentCorp during the 3rd quarter worth approximately $816,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at McGrath RentCorp

In other news, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP David M. Whitney sold 5,176 shares of the stock in a transaction 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. This represents a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock worth $5,493,411 in the last quarter. Company insiders own 1.60% of the company’s stock.

McGrath RentCorp Trading Up 0.5 %

MGRC stock opened at $121.85 on Friday. The company has a market capitalization of $2.99 billion, a P/E ratio of 13.32, a PEG ratio of 1.70 and a beta of 0.74. The business has a 50 day simple moving average of $113.07 and a 200-day simple moving average of $108.80. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86.

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

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Wall Street Analyst Weigh In

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

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.