Vanguard Group Inc. Grows Position in McGrath RentCorp (NASDAQ:MGRC)

Vanguard Group Inc. lifted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,726,133 shares of the financial services provider's stock after buying an additional 29,467 shares during the quarter. Vanguard Group Inc. owned approximately 11.10% of McGrath RentCorp worth $304,836,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MGRC. Sei Investments Co. boosted its holdings in McGrath RentCorp by 1.8% in the 4th quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider's stock valued at $1,182,000 after purchasing an additional 184 shares during the period. Atala Financial Inc purchased a new stake in shares of McGrath RentCorp in the fourth quarter worth $31,000. KBC Group NV boosted its stake in McGrath RentCorp by 37.3% during the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after buying an additional 286 shares during the period. Swiss National Bank grew its position in McGrath RentCorp by 0.6% during the fourth quarter. Swiss National Bank now owns 48,300 shares of the financial services provider's stock worth $5,401,000 after buying an additional 300 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in McGrath RentCorp by 4.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider's stock worth $933,000 after acquiring an additional 357 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Activity

In other McGrath RentCorp 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 transaction of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

McGrath RentCorp Price Performance

MGRC stock traded down $3.21 during mid-day trading on Tuesday, hitting $101.45. 178,371 shares of the stock were exchanged, compared to its average volume of 181,166. The business has a fifty day moving average price of $116.98 and a 200 day moving average price of $115.52. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 1.35 and a beta of 0.62.

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 for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. The company had revenue of $243.75 million for 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%. As a group, equities analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be paid a $0.485 dividend. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.91%. McGrath RentCorp's dividend payout ratio is 20.57%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. StockNews.com downgraded McGrath RentCorp from a "buy" rating to a "hold" rating in a research report on Friday, March 14th. 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 target for the company.

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.