Schroder Investment Management Group Trims Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Schroder Investment Management Group reduced its position in McGrath RentCorp (NASDAQ:MGRC) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 185,931 shares of the financial services provider’s stock after selling 2,296 shares during the quarter. Schroder Investment Management Group owned about 0.76% of McGrath RentCorp worth $20,657,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Atala Financial Inc acquired a new stake in McGrath RentCorp during the 4th quarter worth $31,000. New Age Alpha Advisors LLC acquired a new position in McGrath RentCorp in the fourth quarter valued at $33,000. KBC Group NV raised its holdings in shares of McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock valued at $118,000 after buying an additional 286 shares during the last quarter. Xponance Inc. acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth about $200,000. Finally, Empirical Asset Management LLC purchased a new position in shares of McGrath RentCorp during the fourth quarter worth about $207,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on MGRC shares. StockNews.com downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. CJS Securities initiated coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target for the company.

Insider Activity at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, February 27th. The shares were 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 in the company, valued at approximately $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Up 0.7 %

Shares of NASDAQ:MGRC opened at $113.22 on Thursday. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The company has a 50-day moving average price of $118.88 and a 200 day moving average price of $115.40. The company has a market cap of $2.78 billion, a P/E ratio of 12.01, a PEG ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results 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 firm had revenue of $243.75 million for 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%. Analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Wednesday, April 16th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.57%.

McGrath RentCorp Company Profile

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.