Asset Management One Co. Ltd. acquired a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 34,600 shares of the financial services provider's stock, valued at approximately $3,833,000. Asset Management One Co. Ltd. owned approximately 0.14% of McGrath RentCorp as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Raymond James & Associates increased its stake in McGrath RentCorp by 47.2% during the third quarter. Raymond James & Associates now owns 67,140 shares of the financial services provider's stock worth $7,068,000 after acquiring an additional 21,540 shares during the last quarter. Dakota Wealth Management grew its stake in shares of McGrath RentCorp by 3.9% during the third quarter. Dakota Wealth Management now owns 6,098 shares of the financial services provider's stock valued at $642,000 after buying an additional 228 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider's stock valued at $213,000 after buying an additional 104 shares during the last quarter. Semanteon Capital Management LP bought a new position in shares of McGrath RentCorp during the third quarter valued at approximately $537,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of McGrath RentCorp by 8.0% during the third quarter. Janney Montgomery Scott LLC now owns 7,985 shares of the financial services provider's stock valued at $841,000 after buying an additional 590 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.
McGrath RentCorp Trading Down 3.3 %
Shares of NASDAQ MGRC traded down $4.25 during trading hours on Friday, reaching $124.72. The stock had a trading volume of 93,379 shares, compared to its average volume of 138,776. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 1.25 and a beta of 0.77. The business's fifty day moving average price is $117.76 and its two-hundred day moving average price is $112.93. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a return on equity of 14.12% and a net margin of 25.44%. Equities research analysts anticipate that McGrath RentCorp will post 6.4 earnings per share for the current fiscal year.
McGrath RentCorp Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.56%. McGrath RentCorp's dividend payout ratio is presently 20.15%.
Wall Street Analysts Forecast Growth
MGRC has been the topic of a number of analyst reports. StockNews.com cut McGrath RentCorp from a "buy" rating to a "hold" rating in a research note on Thursday. CJS Securities initiated coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They set an "outperform" rating and a $152.00 target price on the stock. Finally, Oppenheimer upped their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a research note on Friday, November 22nd.
Read Our Latest Analysis on MGRC
Insider Transactions at McGrath RentCorp
In other news, VP Gilda Malek sold 919 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.60% of the company's stock.
About McGrath RentCorp
(
Free Report)
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.
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