State of New Jersey Common Pension Fund D Reduces Stake in McGrath RentCorp (NASDAQ:MGRC)

State of New Jersey Common Pension Fund D lowered its holdings in McGrath RentCorp (NASDAQ:MGRC) by 2.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 17,818 shares of the financial services provider’s stock after selling 445 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.07% of McGrath RentCorp worth $1,992,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 104 shares during the period. Covestor Ltd lifted its stake in shares of McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 161 shares during the period. KBC Group NV lifted its stake in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 188 shares during the period. Dakota Wealth Management lifted its stake in shares of McGrath RentCorp by 3.9% in the 3rd quarter. Dakota Wealth Management now owns 6,098 shares of the financial services provider’s stock valued at $642,000 after purchasing an additional 228 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of McGrath RentCorp by 4.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider’s stock valued at $933,000 after purchasing an additional 357 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 1.4 %

MGRC stock opened at $127.18 on Monday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm has a market cap of $3.12 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.35 and a beta of 0.77. The business has a 50 day moving average of $117.93 and a 200 day moving average of $113.21.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. On average, research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be issued a $0.485 dividend. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.53%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.15%.

Insiders Place Their Bets

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 value of $111,915.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

MGRC has been the subject of a number of research analyst reports. CJS Securities initiated coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price for the company. StockNews.com lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Oppenheimer raised their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd.

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.