McGrath RentCorp (NASDAQ:MGRC) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 53.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 334,630 shares of the financial services provider's stock after selling 380,315 shares during the period. JPMorgan Chase & Co. owned about 1.36% of McGrath RentCorp worth $35,230,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Franklin Resources Inc. boosted its stake in shares of McGrath RentCorp by 57.3% during the 3rd 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. Sanctuary Advisors LLC acquired a new stake in McGrath RentCorp in the 3rd quarter valued at about $548,000. Coldstream Capital Management Inc. raised its holdings in shares of McGrath RentCorp by 6.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 16,661 shares of the financial services provider's stock worth $1,754,000 after acquiring an additional 1,036 shares during the period. Geode Capital Management LLC boosted its holdings in McGrath RentCorp by 1.1% in the 3rd 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 last quarter. Finally, M&T Bank Corp purchased a new position in McGrath RentCorp in the third quarter worth approximately $1,901,000. Institutional investors and hedge funds own 92.05% of the company's stock.

Analyst Upgrades and Downgrades

MGRC has been the subject of several research analyst reports. Oppenheimer increased their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research note on Friday, November 22nd. StockNews.com upgraded McGrath RentCorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 22nd. Finally, CJS Securities began coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an "outperform" rating and a $152.00 target price for the company.

McGrath RentCorp Stock Up 0.4 %

McGrath RentCorp stock traded up $0.48 during mid-day trading on Tuesday, reaching $110.56. 151,135 shares of the company's stock were exchanged, compared to its average volume of 111,384. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The company has a market cap of $2.71 billion, a P/E ratio of 12.08, a P/E/G ratio of 1.66 and a beta of 0.77. The company has a fifty day moving average of $117.36 and a 200-day moving average of $110.27.

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

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.72%. McGrath RentCorp's dividend payout ratio is presently 20.77%.

Insider Buying and Selling

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the company's stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares in the company, valued at approximately $23,985. This represents a 96.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John P. Skenesky sold 5,000 shares of the firm's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.86, for a total transaction of $574,300.00. Following the completion of the sale, the vice president now owns 8,711 shares of the company's stock, valued at approximately $1,000,545.46. The trade was a 36.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,935 shares of company stock worth $5,605,327 in the last 90 days. Company insiders own 1.60% of the company's 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.