Swedbank AB Has $36.34 Million Stake in McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB boosted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 30.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 325,000 shares of the financial services provider's stock after buying an additional 75,000 shares during the period. Swedbank AB owned approximately 1.32% of McGrath RentCorp worth $36,342,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hantz Financial Services Inc. increased its stake in shares of McGrath RentCorp by 12.9% in the 4th quarter. Hantz Financial Services Inc. now owns 21,939 shares of the financial services provider's stock valued at $2,453,000 after acquiring an additional 2,506 shares during the last quarter. KBC Group NV raised its stake in McGrath RentCorp by 37.3% during 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 during the period. Janney Montgomery Scott LLC grew its stake in McGrath RentCorp by 4.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider's stock valued at $933,000 after acquiring an additional 357 shares during the period. Empirical Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth about $207,000. Finally, Franklin Resources Inc. lifted its holdings 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 valued at $119,456,000 after purchasing an additional 404,884 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded down $1.64 during trading hours on Friday, reaching $122.67. 148,988 shares of the stock were exchanged, compared to its average volume of 126,424. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a market cap of $3.01 billion, a PE ratio of 13.41, a PEG ratio of 1.47 and a beta of 0.77. The firm has a 50 day moving average of $117.40 and a 200 day moving average of $111.76.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.55%. McGrath RentCorp's payout ratio is currently 20.77%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MGRC. Oppenheimer raised their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, January 17th. 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.

Insiders Place Their Bets

In other news, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the sale, the chief executive officer now owns 155,409 shares of the company's stock, valued at approximately $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Gilda Malek sold 919 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. Insiders own 1.60% of the company's stock.

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.