Comerica Bank lessened its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 31.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,524 shares of the financial services provider’s stock after selling 22,663 shares during the period. Comerica Bank owned 0.20% of McGrath RentCorp worth $2,390,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in shares of McGrath RentCorp by 6.5% during the fourth quarter. Victory Capital Management Inc. now owns 17,582 shares of the financial services provider’s stock valued at $826,000 after buying an additional 1,066 shares during the last quarter. Algert Global LLC raised its holdings in shares of McGrath RentCorp by 5.8% during the fourth quarter. Algert Global LLC now owns 62,606 shares of the financial services provider’s stock valued at $2,941,000 after buying an additional 3,429 shares during the last quarter. James Investment Research Inc. bought a new stake in shares of McGrath RentCorp during the fourth quarter valued at approximately $1,701,000. Acadian Asset Management LLC bought a new stake in shares of McGrath RentCorp during the fourth quarter valued at approximately $452,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of McGrath RentCorp by 5.2% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 181,523 shares of the financial services provider’s stock valued at $8,528,000 after buying an additional 8,925 shares during the last quarter. 80.52% of the stock is currently owned by institutional investors.
In other news, Director William J. Dawson sold 4,000 shares of the business’s 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 transaction, the director now owns 15,543 shares in the company, valued at approximately $743,421.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.60% of the company’s stock.
McGrath RentCorp (NASDAQ MGRC) opened at $48.03 on Friday. McGrath RentCorp has a twelve month low of $32.09 and a twelve month high of $50.69. The stock has a market cap of $1,156.67, a PE ratio of 25.28, a PEG ratio of 2.19 and a beta of 1.00.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 17th were issued a dividend of $0.26 per share. The ex-dividend date was Tuesday, January 16th. This represents a $1.04 annualized dividend and a dividend yield of 2.17%. McGrath RentCorp’s payout ratio is 54.74%.
MGRC has been the topic of several research reports. ValuEngine downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. BidaskClub downgraded shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Thursday, December 14th. Zacks Investment Research downgraded shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Finally, Oppenheimer restated a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st.
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McGrath RentCorp Company 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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