86,961 Shares in McGrath RentCorp (NASDAQ:MGRC) Purchased by Norges Bank

Norges Bank bought a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 86,961 shares of the financial services provider's stock, valued at approximately $9,724,000. Norges Bank owned approximately 0.35% of McGrath RentCorp at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. FMR LLC raised its stake in McGrath RentCorp by 3,120.0% in the 3rd quarter. FMR LLC now owns 116,791 shares of the financial services provider's stock worth $12,296,000 after acquiring an additional 113,164 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in McGrath RentCorp by 12.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,632 shares of the financial services provider's stock worth $1,330,000 after buying an additional 1,379 shares during the period. State Street Corp lifted its stake in McGrath RentCorp by 2.2% during the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider's stock valued at $62,432,000 after acquiring an additional 12,520 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of McGrath RentCorp by 125.9% in the 3rd quarter. Two Sigma Advisers LP now owns 104,962 shares of the financial services provider's stock valued at $11,050,000 after acquiring an additional 58,500 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of McGrath RentCorp by 49.9% in the third quarter. Jane Street Group LLC now owns 39,171 shares of the financial services provider's stock worth $4,124,000 after acquiring an additional 13,040 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insider Buying and Selling

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 value of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is currently owned by company insiders.

McGrath RentCorp Stock Up 1.5 %

Shares of MGRC stock traded up $1.56 during trading hours on Friday, hitting $104.35. 145,376 shares of the company's stock were exchanged, compared to its average volume of 180,337. The firm has a 50 day moving average of $115.59 and a two-hundred day moving average of $115.45. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The firm has a market cap of $2.56 billion, a P/E ratio of 11.07, a P/E/G ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly 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. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The firm had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. On average, equities analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be paid a $0.485 dividend. 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 1.86%. The ex-dividend date of this dividend is Wednesday, April 16th. McGrath RentCorp's dividend payout ratio (DPR) is currently 20.57%.

Wall Street Analyst Weigh In

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

About McGrath RentCorp

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.