Asset Management One Co. Ltd. Makes New $3.83 Million Investment in McGrath RentCorp (NASDAQ:MGRC)

Asset Management One Co. Ltd. purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 34,600 shares of the financial services provider’s stock, valued at approximately $3,833,000. Asset Management One Co. Ltd. owned 0.14% of McGrath RentCorp as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. River Road Asset Management LLC boosted its position in McGrath RentCorp by 68.2% during 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 acquiring an additional 505,817 shares during the period. Franklin Resources Inc. lifted its holdings in shares of McGrath RentCorp by 57.3% in the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock valued at $119,456,000 after buying an additional 404,884 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of McGrath RentCorp by 6.8% in the third quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock valued at $79,546,000 after buying an additional 47,872 shares during the period. State Street Corp lifted its holdings in shares of McGrath RentCorp by 2.2% in the third quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock valued at $62,432,000 after buying an additional 12,520 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of McGrath RentCorp by 1.1% in the third quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock valued at $60,890,000 after buying an additional 6,165 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Ratings Changes

MGRC has been the subject of several research analyst reports. Oppenheimer upped their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. CJS Securities initiated 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 McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, January 17th.

Insider Activity

In related news, VP Gilda Malek sold 919 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.

McGrath RentCorp Stock Up 1.3 %

Shares of NASDAQ MGRC opened at $123.85 on Thursday. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $128.93. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 1.21 and a beta of 0.77. The business has a fifty day simple moving average of $117.58 and a 200-day simple moving average of $112.81.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. As a group, sell-side analysts expect that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, January 17th. McGrath RentCorp’s dividend payout ratio is 20.77%.

McGrath RentCorp 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.