Clearline Capital LP Invests $11.98 Million in McGrath RentCorp (NASDAQ:MGRC)

Clearline Capital LP acquired a new position in shares of McGrath RentCorp (NASDAQ:MGRC) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 113,756 shares of the financial services provider’s stock, valued at approximately $11,976,000. Clearline Capital LP owned about 0.46% of McGrath RentCorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Swedbank AB grew its holdings in shares of McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after buying an additional 80,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of 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 during the period. Quest Partners LLC acquired a new position in McGrath RentCorp in the second quarter valued at $1,064,000. Dynamic Technology Lab Private Ltd purchased a new position in McGrath RentCorp during the third quarter worth about $816,000. Finally, Alpine Associates Management Inc. boosted its stake in McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after buying an additional 63,366 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling

In related news, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David M. Whitney sold 5,176 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value 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 $23,985. This represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock valued at $5,493,411 in the last quarter. Company insiders own 1.60% of the company’s stock.

McGrath RentCorp Trading Up 0.5 %

Shares of McGrath RentCorp stock opened at $121.85 on Monday. The company has a fifty day moving average price of $113.07 and a 200 day moving average price of $108.80. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.39 by $0.48. The business had revenue of $266.76 million for the quarter, compared to the consensus estimate 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 business posted $1.65 EPS. Analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

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

Analysts Set New Price Targets

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

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.