Thrivent Financial for Lutherans Takes $563,000 Position in McGrath RentCorp (NASDAQ:MGRC)

Thrivent Financial for Lutherans purchased a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,031 shares of the financial services provider's stock, valued at approximately $563,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its position in McGrath RentCorp by 1,487.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock worth $312,000 after purchasing an additional 2,648 shares during the period. Asset Management One Co. Ltd. bought a new stake in shares of McGrath RentCorp in the 4th quarter worth $3,833,000. Sanctuary Advisors LLC acquired a new stake in shares of McGrath RentCorp in the third quarter valued at $548,000. One Wealth Advisors LLC boosted its stake in McGrath RentCorp by 40.1% during the fourth quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock valued at $1,885,000 after buying an additional 4,824 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in 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 acquiring an additional 8,428 shares during the period. 92.05% of the stock is currently owned by institutional investors.

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 on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the sale, the director now directly owns 7,500 shares of the company's stock, valued at $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by insiders.

McGrath RentCorp Trading Down 3.1 %

Shares of NASDAQ MGRC traded down $3.21 during mid-day trading on Tuesday, reaching $101.45. The company had a trading volume of 178,371 shares, compared to its average volume of 181,166. The company has a 50-day moving average price of $116.98 and a two-hundred day moving average price of $115.52. The stock has a market cap of $2.49 billion, a PE ratio of 10.76, a P/E/G ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

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

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.91%. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's payout ratio is currently 20.57%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MGRC. CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 price target for the company. StockNews.com lowered shares of McGrath RentCorp from a "buy" rating to a "hold" rating in a research note on Friday, March 14th.

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.