Capital Research Global Investors Sells 212,503 Shares of McGrath RentCorp (NASDAQ:MGRC)

Capital Research Global Investors lessened its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 39.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 326,828 shares of the financial services provider's stock after selling 212,503 shares during the quarter. Capital Research Global Investors owned about 1.33% of McGrath RentCorp worth $36,546,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in McGrath RentCorp by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock valued at $304,836,000 after buying an additional 29,467 shares during the period. River Road Asset Management LLC lifted its position in McGrath RentCorp by 52.1% in the fourth quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock worth $212,116,000 after purchasing an additional 649,567 shares during the period. Franklin Resources Inc. boosted its stake in McGrath RentCorp by 7.9% during the 4th quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock valued at $134,091,000 after purchasing an additional 87,329 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of McGrath RentCorp by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock valued at $88,198,000 after purchasing an additional 50,674 shares during the period. Finally, Swedbank AB raised its stake in shares of McGrath RentCorp by 30.0% in the 4th quarter. Swedbank AB now owns 325,000 shares of the financial services provider's stock worth $36,342,000 after buying an additional 75,000 shares in the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut McGrath RentCorp from a "buy" rating to a "hold" rating in a research note on Friday, March 14th.

Insiders Place Their Bets

In related news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company's stock, valued at approximately $935,175. This represents a 11.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp Stock Down 0.6 %

NASDAQ:MGRC traded down $0.65 during trading hours on Friday, reaching $103.37. 145,505 shares of the company's stock were exchanged, compared to its average volume of 177,851. The company has a market capitalization of $2.54 billion, a P/E ratio of 10.96, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The business's 50-day simple moving average is $112.51 and its two-hundred day simple moving average is $115.23.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. As a group, sell-side analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a yield of 1.88%. McGrath RentCorp's dividend payout ratio is currently 20.57%.

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.