Victory Capital Management Inc. lowered its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 15.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 641,709 shares of the financial services provider's stock after selling 113,861 shares during the quarter. Victory Capital Management Inc. owned 2.61% of McGrath RentCorp worth $71,756,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider's stock worth $213,000 after purchasing an additional 104 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in McGrath RentCorp by 8.0% in the third quarter. Janney Montgomery Scott LLC now owns 7,985 shares of the financial services provider's stock worth $841,000 after acquiring an additional 590 shares in the last quarter. Covestor Ltd increased its holdings in shares of McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock valued at $125,000 after acquiring an additional 161 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of McGrath RentCorp by 6.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 18,263 shares of the financial services provider's stock worth $1,923,000 after purchasing an additional 1,181 shares during the period. Finally, KBC Group NV raised its position in shares of McGrath RentCorp by 32.5% during the third quarter. KBC Group NV now owns 767 shares of the financial services provider's stock worth $81,000 after purchasing an additional 188 shares during the period. 92.05% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company's stock, valued at $935,175. This trade represents a 11.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is currently owned by corporate insiders.
McGrath RentCorp Stock Performance
MGRC traded down $1.96 during mid-day trading on Monday, reaching $109.99. 355,322 shares of the stock were exchanged, compared to its average volume of 152,840. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The stock has a market capitalization of $2.70 billion, a PE ratio of 11.66, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. The company has a 50 day moving average price of $119.20 and a two-hundred day moving average price of $114.44.
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, topping the consensus estimate of $1.50 by $0.08. The business had revenue of $243.75 million for the quarter, compared to analysts' expectations of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. Sell-side analysts expect that McGrath RentCorp will post 6.18 EPS 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. Investors of record on Wednesday, April 16th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.76%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, April 16th. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.57%.
Analyst Ratings Changes
A number of analysts have commented on MGRC shares. Oppenheimer boosted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a research note on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, February 28th. Finally, CJS Securities initiated coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They set an "outperform" rating and a $152.00 price target for the company.
Check Out Our Latest Stock Analysis on McGrath RentCorp
About McGrath RentCorp
(
Free Report)
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.
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