Franklin Resources Inc. Has $134.09 Million Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Franklin Resources Inc. lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 7.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,199,169 shares of the financial services provider’s stock after purchasing an additional 87,329 shares during the quarter. Franklin Resources Inc. owned 4.88% of McGrath RentCorp worth $134,091,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. River Road Asset Management LLC increased its stake in shares of McGrath RentCorp by 52.1% in the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider’s stock valued at $212,116,000 after purchasing an additional 649,567 shares during the last quarter. Raymond James Financial Inc. bought a new position in McGrath RentCorp in the fourth quarter valued at about $13,179,000. Neumeier Poma Investment Counsel LLC lifted its holdings in shares of McGrath RentCorp by 127.1% in the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider’s stock worth $22,901,000 after acquiring an additional 114,626 shares during the last quarter. FMR LLC boosted its stake in shares of McGrath RentCorp by 3,120.0% in the 3rd quarter. FMR LLC now owns 116,791 shares of the financial services provider’s stock valued at $12,296,000 after purchasing an additional 113,164 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of McGrath RentCorp during the 4th quarter valued at approximately $9,724,000. Institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

MGRC has been the topic of a number of research analyst reports. CJS Securities assumed coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock. StockNews.com cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

McGrath RentCorp Price Performance

MGRC opened at $113.22 on Thursday. The company’s 50 day moving average price is $118.88 and its two-hundred day moving average price is $115.40. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data 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 the consensus estimate of $246.93 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. As a group, equities research analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a $0.485 dividend. The ex-dividend date of this dividend 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 1.71%. McGrath RentCorp’s dividend payout ratio is presently 20.57%.

Insider Buying and Selling at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now owns 7,500 shares in the company, valued at approximately $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 accessible through this link. Insiders own 1.60% of the company’s stock.

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.