Charles Schwab Investment Management Inc. Acquires 8,428 Shares of McGrath RentCorp (NASDAQ:MGRC)

Charles Schwab Investment Management Inc. raised its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 3.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 287,261 shares of the financial services provider's stock after purchasing an additional 8,428 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.17% of McGrath RentCorp worth $30,243,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. KBC Group NV raised its stake in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after buying an additional 188 shares in the last quarter. Covestor Ltd raised its stake in shares of McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock valued at $125,000 after buying an additional 161 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider's stock valued at $213,000 after buying an additional 104 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of McGrath RentCorp in the 2nd quarter valued at $383,000. Finally, Inspire Investing LLC raised its stake in shares of McGrath RentCorp by 17.4% in the 3rd quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider's stock valued at $411,000 after buying an additional 577 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGRC. Oppenheimer increased their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a research note on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Trading Up 0.1 %

Shares of McGrath RentCorp stock traded up $0.09 during mid-day trading on Thursday, reaching $121.65. 83,166 shares of the stock were exchanged, compared to its average volume of 239,089. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The firm has a 50-day simple moving average of $113.94 and a 200 day simple moving average of $109.05. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.48. The business had revenue of $266.76 million during the quarter, compared to analysts' expectations of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company posted $1.65 EPS. On average, research analysts predict that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp's payout ratio is presently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, Director William J. Dawson sold 20,000 shares of the firm's stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the completion of the sale, the director now owns 4,000 shares in the company, valued at approximately $460,000. This trade represents a 83.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the sale, the chief executive officer now owns 155,409 shares of the company's stock, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,016 shares of company stock worth $5,493,411. 1.60% of the stock is currently owned by corporate insiders.

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.