LSV Asset Management Sells 96,644 Shares of McGrath RentCorp (MGRC)
LSV Asset Management trimmed its position in McGrath RentCorp (NASDAQ:MGRC) by 83.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,200 shares of the financial services provider’s stock after selling 96,644 shares during the period. LSV Asset Management owned 0.08% of McGrath RentCorp worth $664,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Prudential Financial Inc. grew its stake in McGrath RentCorp by 24.2% in the second quarter. Prudential Financial Inc. now owns 72,066 shares of the financial services provider’s stock worth $2,495,000 after purchasing an additional 14,030 shares during the period. American Century Companies Inc. purchased a new stake in McGrath RentCorp in the second quarter worth $808,000. Victory Capital Management Inc. grew its stake in McGrath RentCorp by 8.1% in the second quarter. Victory Capital Management Inc. now owns 19,775 shares of the financial services provider’s stock worth $685,000 after purchasing an additional 1,477 shares during the period. Chartwell Investment Partners LLC purchased a new stake in McGrath RentCorp in the second quarter worth $3,858,000. Finally, Deprince Race & Zollo Inc. grew its stake in McGrath RentCorp by 4.2% in the second quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock worth $38,752,000 after purchasing an additional 45,353 shares during the period. 82.54% of the stock is currently owned by institutional investors.
Several brokerages recently weighed in on MGRC. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research note on Friday, June 9th. BidaskClub raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Monday, July 24th.
Shares of McGrath RentCorp (MGRC) opened at 41.78 on Friday. The stock has a 50 day moving average price of $39.52 and a 200-day moving average price of $35.47. McGrath RentCorp has a 1-year low of $29.27 and a 1-year high of $42.21. The stock has a market capitalization of $1.00 billion, a PE ratio of 23.89 and a beta of 0.96.
McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. The business had revenue of $109.58 million during the quarter, compared to analyst estimates of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. McGrath RentCorp’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. On average, analysts forecast that McGrath RentCorp will post $1.88 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 17th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, October 16th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 59.43%.
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In other McGrath RentCorp news, VP Keith E. Pratt sold 3,261 shares of McGrath RentCorp stock in a transaction on Friday, August 4th. The stock was sold at an average price of $40.73, for a total transaction of $132,820.53. Following the completion of the sale, the vice president now directly owns 26,000 shares of the company’s stock, valued at approximately $1,058,980. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Kay Dashner sold 2,500 shares of McGrath RentCorp stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the sale, the vice president now directly owns 6,998 shares of the company’s stock, valued at $279,920. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,265 shares of company stock valued at $719,958. 4.60% of the stock is currently owned by corporate insiders.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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