McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its stake in McGrath RentCorp (NASDAQ:MGRC) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 287,261 shares of the financial services provider’s stock after purchasing an additional 8,428 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.17% of McGrath RentCorp worth $30,243,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MGRC. Chatham Capital Group Inc. grew its position in shares of McGrath RentCorp by 1.1% in the second quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider’s stock valued at $2,734,000 after purchasing an additional 280 shares during the period. Swedbank AB grew its position in shares of McGrath RentCorp by 66.7% in the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after purchasing an additional 80,000 shares during the period. Blue Trust Inc. acquired a new stake in shares of McGrath RentCorp in the second quarter valued at about $383,000. Vaughan Nelson Investment Management L.P. grew its position in shares of McGrath RentCorp by 26.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after purchasing an additional 100,210 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of McGrath RentCorp by 20.6% in the second quarter. Bank of New York Mellon Corp now owns 186,898 shares of the financial services provider’s stock valued at $19,914,000 after purchasing an additional 31,893 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Trading Up 0.2 %

NASDAQ:MGRC opened at $121.56 on Thursday. The company’s 50-day moving average price is $113.94 and its 200-day moving average price is $109.05. The company has a market cap of $2.98 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.70 and a beta of 0.75. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.48. The firm had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the firm posted $1.65 earnings per share. On average, analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insiders Place Their Bets

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at $18,630,430.92. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at $859,650. This trade represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock valued at $5,493,411 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Oppenheimer lifted their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd.

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.