McGrath RentCorp (NASDAQ:MGRC) Stake Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 38.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 205,194 shares of the financial services provider's stock after selling 129,436 shares during the period. JPMorgan Chase & Co. owned approximately 0.84% of McGrath RentCorp worth $22,945,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MGRC. Neumeier Poma Investment Counsel LLC increased its holdings in McGrath RentCorp by 127.1% in the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider's stock valued at $22,901,000 after buying an additional 114,626 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of McGrath RentCorp by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock worth $304,836,000 after purchasing an additional 29,467 shares during the period. Fox Run Management L.L.C. purchased a new stake in McGrath RentCorp in the 4th quarter valued at about $283,000. KLP Kapitalforvaltning AS purchased a new stake in McGrath RentCorp in the fourth quarter valued at approximately $570,000. Finally, Sei Investments Co. increased its holdings in shares of McGrath RentCorp by 1.8% during the 4th quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider's stock worth $1,182,000 after buying an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded up $0.11 during midday trading on Tuesday, hitting $106.90. The company's stock had a trading volume of 14,159 shares, compared to its average volume of 148,618. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The firm's fifty day moving average price is $115.26 and its 200-day moving average price is $115.45. The firm has a market cap of $2.62 billion, a P/E ratio of 11.32, a P/E/G ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. As a group, research analysts predict 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 given a $0.485 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 1.81%. McGrath RentCorp's dividend payout ratio (DPR) is currently 20.57%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered McGrath RentCorp from a "buy" rating to a "hold" rating in a research report on Friday, March 14th.

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares of the company's stock, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.60% of the company's 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.