McGrath RentCorp (NASDAQ:MGRC) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 53.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 334,630 shares of the financial services provider’s stock after selling 380,315 shares during the quarter. JPMorgan Chase & Co. owned about 1.36% of McGrath RentCorp worth $35,230,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. River Road Asset Management LLC boosted its stake in McGrath RentCorp by 68.2% in the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after buying an additional 505,817 shares during the last quarter. Franklin Resources Inc. increased its position in McGrath RentCorp by 57.3% during the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock worth $119,456,000 after purchasing an additional 404,884 shares during the last quarter. Walleye Capital LLC purchased a new position in McGrath RentCorp during the third quarter worth approximately $15,967,000. Clearline Capital LP acquired a new position in shares of McGrath RentCorp in the 3rd quarter valued at $11,976,000. Finally, FMR LLC grew its stake in shares of McGrath RentCorp by 3,120.0% during the 3rd quarter. FMR LLC now owns 116,791 shares of the financial services provider’s stock valued at $12,296,000 after buying an additional 113,164 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 1.0 %

Shares of MGRC opened at $110.08 on Tuesday. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.66 and a beta of 0.77. The business’s 50 day moving average is $117.46 and its two-hundred day moving average is $110.24. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86.

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

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.73%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MGRC. Oppenheimer lifted their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock.

Insider Activity at McGrath RentCorp

In other news, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the sale, the chief executive officer now owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. The trade was a 9.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gilda Malek sold 919 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. Insiders have sold a total of 47,935 shares of company stock worth $5,605,327 in the last ninety days. 1.60% of the stock is owned by insiders.

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.