Envestnet Asset Management Inc. Has $1.85 Million Position in McGrath RentCorp (NASDAQ:MGRC)

Envestnet Asset Management Inc. increased its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 37.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,515 shares of the financial services provider's stock after buying an additional 4,524 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of McGrath RentCorp worth $1,847,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of MGRC. Barclays PLC boosted its holdings in shares of McGrath RentCorp by 351.6% in the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider's stock valued at $4,269,000 after purchasing an additional 31,575 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of McGrath RentCorp by 57.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock valued at $119,456,000 after purchasing an additional 404,884 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of McGrath RentCorp in the 4th quarter valued at $207,000. Janney Montgomery Scott LLC boosted its holdings in shares of McGrath RentCorp by 4.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider's stock valued at $933,000 after purchasing an additional 357 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of McGrath RentCorp by 37.3% in the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after purchasing an additional 286 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com raised McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday.

McGrath RentCorp Stock Down 0.6 %

NASDAQ MGRC opened at $103.37 on Monday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62. The business's fifty day moving average is $112.13 and its 200 day moving average is $115.31.

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, beating the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $195.42 million for the quarter, compared to the consensus estimate of $189.03 million. On average, research 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. Investors of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.88%. McGrath RentCorp's dividend payout ratio (DPR) is 20.57%.

Insider Buying and Selling

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the transaction, the director now directly owns 7,500 shares of the company's stock, valued at $935,175. This trade represents a 11.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

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.

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