McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by KBC Group NV

KBC Group NV lifted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 37.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,053 shares of the financial services provider’s stock after purchasing an additional 286 shares during the quarter. KBC Group NV’s holdings in McGrath RentCorp were worth $118,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MGRC. AQR Capital Management LLC boosted its stake in McGrath RentCorp by 2.1% during the second quarter. AQR Capital Management LLC now owns 10,146 shares of the financial services provider’s stock worth $1,081,000 after buying an additional 207 shares during the period. The Manufacturers Life Insurance Company increased its stake in McGrath RentCorp by 1.8% during the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after purchasing an additional 185 shares during the period. SG Americas Securities LLC acquired a new stake in shares of McGrath RentCorp during the third quarter worth about $888,000. Handelsbanken Fonder AB boosted its stake in shares of McGrath RentCorp by 44.6% in the third quarter. Handelsbanken Fonder AB now owns 6,158 shares of the financial services provider’s stock valued at $648,000 after purchasing an additional 1,900 shares during the period. Finally, Inspire Investing LLC increased its position in shares of McGrath RentCorp by 17.4% during the third quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider’s stock worth $411,000 after acquiring an additional 577 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on MGRC. Oppenheimer boosted their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. CJS Securities began coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective for the company. Finally, StockNews.com upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, January 17th.

McGrath RentCorp Stock Down 3.4 %

NASDAQ MGRC opened at $120.73 on Friday. The business’s 50-day moving average price is $117.58 and its 200 day moving average price is $112.15. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The firm has a market cap of $2.96 billion, a P/E ratio of 13.19, a P/E/G ratio of 1.47 and a beta of 0.77.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were paid a $0.475 dividend. The ex-dividend date was Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.57%. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

Insider Activity at McGrath RentCorp

In related news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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.