VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in McGrath RentCorp $MGRC

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the second quarter, Holdings Channel reports. The institutional investor purchased 13,520 shares of the financial services provider’s stock, valued at approximately $1,636,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in shares of McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 238 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in McGrath RentCorp during the second quarter worth $45,000. Danske Bank A S acquired a new position in McGrath RentCorp in the third quarter valued at $47,000. Strs Ohio acquired a new position in McGrath RentCorp in the first quarter valued at $56,000. Finally, Covestor Ltd boosted its position in McGrath RentCorp by 52.0% during the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 474 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP John P. Skenesky sold 2,000 shares of McGrath RentCorp stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $120.41, for a total value of $240,820.00. Following the completion of the sale, the vice president directly owned 10,634 shares of the company’s stock, valued at approximately $1,280,439.94. The trade was a 15.83% 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, Director Joseph F. Hanna sold 7,500 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $120.64, for a total transaction of $904,800.00. Following the transaction, the director owned 151,549 shares in the company, valued at $18,282,871.36. This represents a 4.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 17,842 shares of company stock valued at $2,154,810 over the last 90 days. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded McGrath RentCorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, McGrath RentCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.50.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $110.40 on Friday. The firm has a market cap of $2.70 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 1.11 and a beta of 0.45. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $125.83. The business’s 50 day moving average price is $116.40 and its two-hundred day moving average price is $113.74.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.37 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.10). The company had revenue of $221.11 million for the quarter, compared to analyst estimates of $236.51 million. McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%. Research analysts predict that McGrath RentCorp will post 6.37 EPS for the current fiscal year.

McGrath RentCorp Profile

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test and measurement equipment, and liquid and solid containment solutions. Its services supported customers in industries including construction, education, government, commercial operations, telecommunications and environmental management.

The company operated through several specialized businesses. Mobile Modular supplied relocatable classrooms, office buildings and other modular structures, while Mobile Modular Portable Storage offered portable storage units.