Wellington Management Group LLP Sells 15,937 Shares of McGrath RentCorp (NASDAQ:MGRC)

Wellington Management Group LLP lowered its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 545,661 shares of the financial services provider's stock after selling 15,937 shares during the quarter. Wellington Management Group LLP owned approximately 2.22% of McGrath RentCorp worth $61,016,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Atala Financial Inc acquired a new position in McGrath RentCorp during the fourth quarter valued at $31,000. New Age Alpha Advisors LLC acquired a new position in shares of McGrath RentCorp in the 4th quarter worth approximately $33,000. KBC Group NV raised its holdings in shares of McGrath RentCorp by 37.3% in the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after buying an additional 286 shares in the last quarter. Xponance Inc. bought a new position in McGrath RentCorp in the 4th quarter valued at $200,000. Finally, Empirical Asset Management LLC bought a new position in McGrath RentCorp in the 4th quarter valued at $207,000. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Trading Down 4.2 %

Shares of NASDAQ:MGRC traded down $4.54 during trading on Thursday, reaching $102.68. 10,958 shares of the stock were exchanged, compared to its average volume of 180,233. The firm has a market cap of $2.52 billion, a PE ratio of 10.96, a PEG ratio of 1.35 and a beta of 0.62. The stock has a 50-day moving average price of $116.33 and a 200-day moving average price of $115.49. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $243.75 million during the quarter, compared to the consensus estimate of $246.93 million. On average, sell-side analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio is currently 20.57%.

Analysts Set New Price Targets

MGRC has been the topic of a number of recent research reports. StockNews.com lowered McGrath RentCorp from a "buy" rating to a "hold" rating in a research report on Friday, March 14th. CJS Securities assumed coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They set an "outperform" rating and a $152.00 price objective on the stock.

Insider Buying and Selling at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the transaction, the director now directly owns 7,500 shares of the company's stock, valued at approximately $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.