Allspring Global Investments Holdings LLC boosted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1,487.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,826 shares of the financial services provider's stock after acquiring an additional 2,648 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in McGrath RentCorp were worth $312,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new position in McGrath RentCorp in the third quarter valued at approximately $816,000. Sanctuary Advisors LLC purchased a new position in McGrath RentCorp in the third quarter valued at approximately $548,000. One Wealth Advisors LLC increased its stake in McGrath RentCorp by 40.1% in the fourth quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock valued at $1,885,000 after purchasing an additional 4,824 shares during the last quarter. Intech Investment Management LLC purchased a new position in McGrath RentCorp in the third quarter valued at approximately $797,000. Finally, Charles Schwab Investment Management Inc. increased its stake in McGrath RentCorp by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider's stock valued at $30,243,000 after purchasing an additional 8,428 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.
McGrath RentCorp Price Performance
Shares of MGRC traded down $2.04 during mid-day trading on Friday, reaching $122.00. 185,272 shares of the company's stock were exchanged, compared to its average volume of 146,433. The stock has a market capitalization of $3.00 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.77. The business's fifty day simple moving average is $118.86 and its 200-day simple moving average is $113.96. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. The business had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. Equities research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.
McGrath RentCorp Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. 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 dividend yield of 1.59%. McGrath RentCorp's dividend payout ratio (DPR) is currently 20.57%.
Insider Buying and Selling
In related news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction on Thursday, February 27th. The stock was 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 of the company's stock, valued at $935,175. This trade represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Gilda Malek sold 919 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company's stock.
Analyst Ratings Changes
Several equities analysts have commented on the stock. StockNews.com upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday. CJS Securities initiated coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They set an "outperform" rating and a $152.00 target price on the stock. Finally, Oppenheimer raised their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd.
Check Out Our Latest Stock Analysis on MGRC
About McGrath RentCorp
(
Free Report)
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.
Further Reading
Before you consider McGrath RentCorp, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and McGrath RentCorp wasn't on the list.
While McGrath RentCorp currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
