Raymond James Financial Inc. Purchases Shares of 117,861 McGrath RentCorp (NASDAQ:MGRC)

Raymond James Financial Inc. bought a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 117,861 shares of the financial services provider's stock, valued at approximately $13,179,000. Raymond James Financial Inc. owned about 0.48% of McGrath RentCorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MGRC. KBC Group NV grew its position in McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after acquiring an additional 188 shares during the last quarter. Intech Investment Management LLC bought a new position in McGrath RentCorp in the third quarter valued at about $797,000. Charles Schwab Investment Management Inc. grew its holdings in shares of McGrath RentCorp by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider's stock worth $30,243,000 after purchasing an additional 8,428 shares during the last quarter. Swedbank AB grew its holdings in shares of McGrath RentCorp by 25.0% during the third quarter. Swedbank AB now owns 250,000 shares of the financial services provider's stock worth $26,320,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of McGrath RentCorp during the third quarter worth about $816,000. Institutional investors own 92.05% of the company's stock.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now directly owns 7,500 shares of the company's stock, valued at approximately $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Remove Ads

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC traded down $1.24 during midday trading on Friday, hitting $113.40. 219,502 shares of the stock were exchanged, compared to its average volume of 181,378. The business's 50-day moving average price is $119.51 and its 200 day moving average price is $114.76. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.35 and a beta of 0.75.

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

McGrath RentCorp Increases Dividend

The business 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. The ex-dividend date is Wednesday, April 16th. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 1.71%. McGrath RentCorp's dividend payout ratio is presently 20.57%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MGRC shares. CJS Securities started coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an "outperform" rating and a $152.00 price target on the stock. StockNews.com cut McGrath RentCorp from a "buy" rating to a "hold" rating in a report 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.