Franklin Resources Inc. Has $134.09 Million Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Franklin Resources Inc. grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 7.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,199,169 shares of the financial services provider's stock after acquiring an additional 87,329 shares during the period. Franklin Resources Inc. owned 4.88% of McGrath RentCorp worth $134,091,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MGRC. Charles Schwab Investment Management Inc. grew its stake in shares of McGrath RentCorp by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider's stock valued at $30,243,000 after buying an additional 8,428 shares in the last quarter. FMR LLC raised its holdings in shares of McGrath RentCorp by 3,120.0% during the 3rd quarter. FMR LLC now owns 116,791 shares of the financial services provider's stock valued at $12,296,000 after purchasing an additional 113,164 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of McGrath RentCorp by 12.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,632 shares of the financial services provider's stock valued at $1,330,000 after purchasing an additional 1,379 shares during the last quarter. Centiva Capital LP increased its position in McGrath RentCorp by 107.4% during the third quarter. Centiva Capital LP now owns 8,519 shares of the financial services provider's stock worth $897,000 after buying an additional 4,411 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC bought a new position in McGrath RentCorp during the third quarter valued at about $6,383,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Stock Performance

Shares of MGRC traded down $1.37 during trading hours on Monday, reaching $103.75. 58,522 shares of the company traded hands, compared to its average volume of 180,876. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The stock has a market cap of $2.55 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62. The stock's fifty day moving average is $118.20 and its 200 day moving average is $115.57.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. On average, equities research analysts predict that McGrath RentCorp will post 6.18 EPS for the current 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 given a dividend of $0.485 per share. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Wednesday, April 16th. McGrath RentCorp's payout ratio is 20.57%.

Analyst Ratings Changes

A number of research analysts recently weighed in on MGRC shares. StockNews.com downgraded McGrath RentCorp from a "buy" rating to a "hold" rating in a research note on Friday, March 14th. CJS Securities began coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 target price on the stock.

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.