Mondrian Investment Partners LTD lowered its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 21.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,397 shares of the financial services provider’s stock after selling 14,742 shares during the period. Mondrian Investment Partners LTD owned 0.23% of McGrath RentCorp worth $2,556,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in McGrath RentCorp during the 4th quarter worth $452,000. Schwab Charles Investment Management Inc. boosted its stake in McGrath RentCorp by 5.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 181,523 shares of the financial services provider’s stock worth $8,528,000 after purchasing an additional 8,925 shares during the period. Algert Global LLC boosted its stake in McGrath RentCorp by 38.3% during the 3rd quarter. Algert Global LLC now owns 59,177 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 16,388 shares during the period. Walthausen & Co. LLC boosted its stake in McGrath RentCorp by 4.7% during the 3rd quarter. Walthausen & Co. LLC now owns 492,175 shares of the financial services provider’s stock worth $21,533,000 after purchasing an additional 21,930 shares during the period. Finally, California Public Employees Retirement System boosted its stake in McGrath RentCorp by 13.9% during the 3rd quarter. California Public Employees Retirement System now owns 59,916 shares of the financial services provider’s stock worth $2,621,000 after purchasing an additional 7,316 shares during the period. Hedge funds and other institutional investors own 82.61% of the company’s stock.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at $49.89 on Friday. McGrath RentCorp has a 52 week low of $32.09 and a 52 week high of $50.62. The company has a market cap of $1,204.97, a price-to-earnings ratio of 26.26, a PEG ratio of 2.25 and a beta of 1.02.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The company had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. During the same quarter last year, the business earned $0.54 EPS. The business’s revenue was up 11.0% on a year-over-year basis. research analysts forecast that McGrath RentCorp will post 2.04 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 17th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Tuesday, January 16th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 54.74%.
A number of analysts recently weighed in on the stock. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $56.00 price target for the company in a research note on Friday, November 3rd. ValuEngine cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Oppenheimer restated a “hold” rating on shares of McGrath RentCorp in a research note on Wednesday, November 1st.
In other news, Director Dennis P. Stradford sold 3,900 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.41, for a total value of $192,699.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $247,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Dawson sold 4,000 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.83, for a total transaction of $191,320.00. Following the completion of the transaction, the director now owns 15,543 shares of the company’s stock, valued at approximately $743,421.69. The disclosure for this sale can be found here. Insiders sold a total of 13,159 shares of company stock valued at $628,935 in the last 90 days. Company insiders own 4.60% of the company’s stock.
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McGrath RentCorp Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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