KLP Kapitalforvaltning AS Takes Position in McGrath RentCorp (NASDAQ:MGRC)

KLP Kapitalforvaltning AS acquired a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,100 shares of the financial services provider's stock, valued at approximately $570,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. River Road Asset Management LLC raised its stake in shares of McGrath RentCorp by 52.1% in the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock valued at $212,116,000 after acquiring an additional 649,567 shares in the last quarter. Franklin Resources Inc. grew its holdings in McGrath RentCorp by 57.3% during the third 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 during the last quarter. State Street Corp grew its holdings in McGrath RentCorp by 2.2% during the third quarter. State Street Corp now owns 593,009 shares of the financial services provider's stock valued at $62,432,000 after purchasing an additional 12,520 shares during the last quarter. Geode Capital Management LLC raised its position in shares of McGrath RentCorp by 1.1% in the third quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider's stock valued at $60,890,000 after purchasing an additional 6,165 shares during the period. Finally, Swedbank AB lifted its stake in shares of McGrath RentCorp by 30.0% in the fourth quarter. Swedbank AB now owns 325,000 shares of the financial services provider's stock worth $36,342,000 after buying an additional 75,000 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock traded down $0.46 during midday trading on Monday, hitting $104.66. The company had a trading volume of 265,023 shares, compared to its average volume of 181,682. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The business's 50 day simple moving average is $117.83 and its two-hundred day simple moving average is $115.61. The stock has a market cap of $2.57 billion, a PE ratio of 11.10, a P/E/G ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $243.75 million for the quarter, compared to the consensus estimate of $246.93 million. On average, sell-side analysts expect that McGrath RentCorp will post 6.18 EPS 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. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.57%.

Insider Activity

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the sale, the director now owns 7,500 shares of the company's stock, valued at $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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