Gabelli Funds LLC reduced its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 21.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,320 shares of the financial services provider's stock after selling 15,275 shares during the quarter. Gabelli Funds LLC owned approximately 0.22% of McGrath RentCorp worth $6,074,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in McGrath RentCorp by 1,487.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock valued at $312,000 after acquiring an additional 2,648 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in McGrath RentCorp in the 4th quarter valued at about $3,833,000. Sanctuary Advisors LLC acquired a new position in McGrath RentCorp in the 3rd quarter valued at about $548,000. One Wealth Advisors LLC grew its position in McGrath RentCorp by 40.1% in the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock valued at $1,885,000 after acquiring an additional 4,824 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in McGrath RentCorp by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock valued at $32,819,000 after acquiring an additional 6,238 shares in the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Separately, StockNews.com cut McGrath RentCorp from a "buy" rating to a "hold" rating in a research note on Friday, March 14th.
Check Out Our Latest Research Report on MGRC
Insider Buying and Selling
In related news, Director Kimberly Ann Box sold 1,000 shares of the business'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 transaction of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by company insiders.
McGrath RentCorp Stock Performance
Shares of MGRC traded up $1.07 during midday trading on Wednesday, hitting $102.93. The company had a trading volume of 30,632 shares, compared to its average volume of 177,602. The company's 50-day simple moving average is $113.19 and its 200-day simple moving average is $115.35. The firm has a market capitalization of $2.53 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $243.75 million during the quarter, compared to analysts' expectations of $246.93 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. Equities analysts predict 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 paid a dividend of $0.485 per share. This is a boost 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 yield of 1.88%. McGrath RentCorp's payout ratio is presently 20.57%.
About McGrath RentCorp
(
Free Report)
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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