GABELLI & Co INVESTMENT ADVISERS INC. Trims Holdings in McGrath RentCorp (NASDAQ:MGRC)

GABELLI & Co INVESTMENT ADVISERS INC. reduced its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 27.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,771 shares of the financial services provider's stock after selling 7,900 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC. owned 0.08% of McGrath RentCorp worth $2,323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. River Road Asset Management LLC raised its holdings in shares of McGrath RentCorp by 52.1% during the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock worth $212,116,000 after acquiring an additional 649,567 shares in the last quarter. Franklin Resources Inc. grew its position in McGrath RentCorp by 57.3% in the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock worth $119,456,000 after acquiring an additional 404,884 shares in the last quarter. Raymond James Financial Inc. bought a new stake in McGrath RentCorp during the fourth quarter worth approximately $13,179,000. Neumeier Poma Investment Counsel LLC raised its position in McGrath RentCorp by 127.1% during 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 purchasing an additional 114,626 shares during the period. Finally, Norges Bank bought a new stake in shares of McGrath RentCorp in the 4th quarter valued at approximately $9,724,000. 92.05% of the stock is currently owned by institutional investors.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the 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 of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded down $0.43 during trading hours on Friday, hitting $104.93. 140,907 shares of the company's stock traded hands, compared to its average volume of 179,718. The firm has a market capitalization of $2.58 billion, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62. The business has a fifty day moving average price of $114.25 and a 200-day moving average price of $115.31. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 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 the consensus estimate of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. As a group, equities analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio (DPR) is 20.57%.

Wall Street Analyst Weigh In

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

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.