Hotchkis & Wiley Capital Management LLC Acquires New Position in McGrath RentCorp (NASDAQ:MGRC)

Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of McGrath RentCorp (NASDAQ:MGRC) in the third quarter, Holdings Channel reports. The firm acquired 60,630 shares of the financial services provider’s stock, valued at approximately $6,383,000.

A number of other institutional investors have also added to or reduced their stakes in the business. River Road Asset Management LLC increased its position in McGrath RentCorp by 68.2% during the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock valued at $131,324,000 after purchasing an additional 505,817 shares during the period. Victory Capital Management Inc. increased its position in McGrath RentCorp by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock valued at $79,546,000 after purchasing an additional 47,872 shares during the period. Alpine Associates Management Inc. increased its position in McGrath RentCorp by 9.8% during the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after purchasing an additional 63,366 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in McGrath RentCorp by 26.0% during the 2nd 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. Finally, Charles Schwab Investment Management Inc. increased its position in McGrath RentCorp by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock valued at $30,243,000 after purchasing an additional 8,428 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Stock Up 0.1 %

Shares of McGrath RentCorp stock opened at $121.65 on Friday. The firm’s 50 day moving average price is $114.16 and its 200-day moving average price is $109.13. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company has a market cap of $2.99 billion, a P/E ratio of 13.30, a PEG ratio of 1.70 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last issued 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 firm had revenue of $266.76 million for 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 company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS. As a group, equities research analysts forecast that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis 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%.

Insider Buying and Selling

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the sale, the chief executive officer now directly owns 155,409 shares in the company, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction that occurred 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 sale, the vice president now owns 205 shares of the company’s stock, valued at approximately $23,985. The trade was a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,016 shares of company stock worth $5,493,411 in the last three months. Corporate insiders own 1.60% of the company’s stock.

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.