Barclays PLC Buys 31,575 Shares of McGrath RentCorp (NASDAQ:MGRC)

Barclays PLC boosted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 351.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,555 shares of the financial services provider's stock after buying an additional 31,575 shares during the period. Barclays PLC owned approximately 0.17% of McGrath RentCorp worth $4,269,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. River Road Asset Management LLC boosted its stake in McGrath RentCorp by 68.2% during the third 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 buying an additional 505,817 shares during the period. Walleye Capital LLC purchased a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $15,967,000. Clearline Capital LP bought a new stake in shares of McGrath RentCorp during the 3rd quarter valued at about $11,976,000. FMR LLC grew its holdings in shares of McGrath RentCorp by 3,120.0% during the third quarter. FMR LLC now owns 116,791 shares of the financial services provider's stock worth $12,296,000 after purchasing an additional 113,164 shares in the last quarter. Finally, Murchinson Ltd. bought a new position in shares of McGrath RentCorp in the second quarter worth approximately $7,466,000. Institutional investors own 92.05% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on MGRC. StockNews.com upgraded shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd. Oppenheimer upped their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. Finally, CJS Securities started coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 target price on the stock.

McGrath RentCorp Stock Performance

MGRC traded up $0.67 during midday trading on Friday, hitting $112.65. The stock had a trading volume of 312,389 shares, compared to its average volume of 131,993. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The business has a fifty day moving average of $116.68 and a 200 day moving average of $109.77. The company has a market cap of $2.77 billion, a P/E ratio of 12.31, a price-to-earnings-growth ratio of 1.66 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analysts' expectations of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 EPS. On average, equities research analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Friday, January 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.77%.

Insider Activity at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 15,840 shares of the company's stock in a transaction 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 $18,630,430.92. This represents a 9.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP David M. Whitney sold 5,176 shares of the firm's stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the sale, the vice president now directly owns 205 shares in the company, valued at approximately $23,985. This trade represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,935 shares of company stock worth $5,605,327 in the last ninety days. 1.60% of the stock is owned by company insiders.

About McGrath RentCorp

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.