Cibc World Markets Corp Invests $255,000 in McGrath RentCorp (NASDAQ:MGRC)

Cibc World Markets Corp purchased a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,283 shares of the financial services provider's stock, valued at approximately $255,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGRC. Atala Financial Inc purchased a new stake in shares of McGrath RentCorp in the fourth quarter worth about $31,000. KBC Group NV boosted its position in McGrath RentCorp by 37.3% in the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after purchasing an additional 286 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the 4th quarter worth approximately $207,000. Millburn Ridgefield Corp purchased a new position in shares of McGrath RentCorp during the 3rd quarter valued at approximately $203,000. Finally, Point72 DIFC Ltd acquired a new position in shares of McGrath RentCorp in the 3rd quarter valued at $238,000. Institutional investors and hedge funds own 92.05% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on MGRC. StockNews.com cut McGrath RentCorp from a "buy" rating to a "hold" rating in a research report on Friday, March 14th. CJS Securities initiated coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an "outperform" rating and a $152.00 price target on the stock.

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Insiders Place Their Bets

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at $935,175. This trade represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

Shares of MGRC stock traded down $1.67 during midday trading on Friday, reaching $113.52. 76,342 shares of the company traded hands, compared to its average volume of 183,537. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The firm's 50 day simple moving average is $119.39 and its two-hundred day simple moving average is $115.21. The firm has a market cap of $2.79 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. As a group, research analysts anticipate that McGrath RentCorp will post 6.18 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. Investors of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.71%. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.57%.

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.