State Street Corp Raises Stake in McGrath RentCorp (NASDAQ:MGRC)

State Street Corp lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 593,009 shares of the financial services provider’s stock after acquiring an additional 12,520 shares during the period. State Street Corp owned 2.42% of McGrath RentCorp worth $62,432,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MGRC. KBC Group NV raised its stake in McGrath RentCorp by 32.5% during the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 188 shares during the period. Covestor Ltd increased its holdings in shares of McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after buying an additional 161 shares during the last quarter. Millburn Ridgefield Corp purchased a new stake in shares of McGrath RentCorp during the 3rd quarter valued at approximately $203,000. Wealth Enhancement Advisory Services LLC lifted its holdings in McGrath RentCorp by 5.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 104 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in McGrath RentCorp during the third quarter worth $238,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Wall Street Analyst Weigh In

MGRC has been the topic of several recent analyst reports. CJS Securities began coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target on the stock. Oppenheimer upped 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. Finally, StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Trading Down 3.5 %

Shares of NASDAQ MGRC opened at $114.36 on Thursday. The stock has a market capitalization of $2.81 billion, a PE ratio of 12.50, a PEG ratio of 1.68 and a beta of 0.75. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a fifty day simple moving average of $116.49 and a 200-day simple moving average of $109.68.

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

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 17th will be given a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.66%. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

Insiders Place Their Bets

In other news, VP Gilda Malek sold 919 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares of the company’s stock, valued at $23,985. This represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,935 shares of company stock worth $5,605,327 over the last 90 days. Corporate 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.