McGrath RentCorp (NASDAQ:MGRC) Position Boosted by AlphaQuest LLC

AlphaQuest LLC lifted its stake in McGrath RentCorp (NASDAQ:MGRC) by 140.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,700 shares of the financial services provider’s stock after purchasing an additional 2,160 shares during the quarter. AlphaQuest LLC’s holdings in McGrath RentCorp were worth $414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in MGRC. Franklin Resources Inc. grew 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 acquiring an additional 404,884 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of McGrath RentCorp by 6.8% in the third quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock valued at $79,546,000 after acquiring an additional 47,872 shares during the period. State Street Corp grew its position in McGrath RentCorp by 2.2% in the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock worth $62,432,000 after purchasing an additional 12,520 shares during the last quarter. Geode Capital Management LLC increased its stake in McGrath RentCorp by 1.1% during the third quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock valued at $60,890,000 after acquiring an additional 6,165 shares during the period. Finally, Swedbank AB raised its stake in shares of McGrath RentCorp by 30.0% in the fourth quarter. Swedbank AB now owns 325,000 shares of the financial services provider’s stock valued at $36,342,000 after purchasing an additional 75,000 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the company’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 sale, the director now owns 7,500 shares in the company, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on MGRC. Oppenheimer lifted their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, February 28th. Finally, CJS Securities initiated coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target on the stock.

McGrath RentCorp Trading Down 1.2 %

NASDAQ:MGRC opened at $109.58 on Friday. The stock has a 50-day moving average price of $119.13 and a two-hundred day moving average price of $114.43. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (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 firm had revenue of $243.75 million for the quarter, compared to the consensus estimate of $246.93 million. Sell-side analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be given a dividend of $0.485 per share. 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 1.77%. McGrath RentCorp’s payout ratio is 20.57%.

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.