Jennison Associates LLC Invests $1.52 Million in McGrath RentCorp (NASDAQ:MGRC)

Jennison Associates LLC bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,591 shares of the financial services provider's stock, valued at approximately $1,520,000. Jennison Associates LLC owned approximately 0.06% of McGrath RentCorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGRC. Sei Investments Co. increased its holdings in McGrath RentCorp by 4.1% during the 2nd quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider's stock worth $496,000 after purchasing an additional 183 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of McGrath RentCorp by 2.1% during the second quarter. AQR Capital Management LLC now owns 10,146 shares of the financial services provider's stock valued at $1,081,000 after buying an additional 207 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in McGrath RentCorp by 1.8% during the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider's stock worth $1,108,000 after buying an additional 185 shares in the last quarter. SG Americas Securities LLC purchased a new stake in McGrath RentCorp in the 3rd quarter valued at $888,000. Finally, Handelsbanken Fonder AB lifted its stake in McGrath RentCorp by 44.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 6,158 shares of the financial services provider's stock valued at $648,000 after acquiring an additional 1,900 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on MGRC. StockNews.com upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday, January 17th. Oppenheimer boosted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. Finally, CJS Securities started coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 price objective for the company.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock traded up $0.52 during trading hours on Monday, hitting $121.25. 146,789 shares of the company's stock traded hands, compared to its average volume of 141,003. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.26 and a beta of 0.77. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The company has a fifty day simple moving average of $117.55 and a 200-day simple moving average of $112.18.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Friday, January 17th. McGrath RentCorp's dividend payout ratio is 20.77%.

Insider Buying and Selling at McGrath RentCorp

In related news, VP Gilda Malek sold 919 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp 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.