New York State Common Retirement Fund Buys 900 Shares of McGrath RentCorp (NASDAQ:MGRC)

New York State Common Retirement Fund lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,408 shares of the financial services provider’s stock after purchasing an additional 900 shares during the quarter. New York State Common Retirement Fund’s holdings in McGrath RentCorp were worth $940,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its stake in shares of McGrath RentCorp by 5.4% during 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 grew its position in McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after buying an additional 161 shares in the last quarter. KBC Group NV grew its position 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 buying an additional 188 shares in the last quarter. Janney Montgomery Scott LLC grew its position in McGrath RentCorp by 4.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider’s stock worth $933,000 after buying an additional 357 shares in the last quarter. Finally, Rhumbline Advisers grew its position in McGrath RentCorp by 0.8% during the fourth quarter. Rhumbline Advisers now owns 44,581 shares of the financial services provider’s stock worth $4,985,000 after buying an additional 366 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Transactions at McGrath RentCorp

In other news, VP Gilda Malek sold 919 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the transaction, the director now owns 7,500 shares of the company’s stock, valued at $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

McGrath RentCorp Trading Down 1.9 %

MGRC opened at $119.66 on Tuesday. The stock has a 50-day moving average price of $119.02 and a 200-day moving average price of $114.21. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The stock has a market capitalization of $2.94 billion, a P/E ratio of 12.69, a PEG ratio of 1.35 and a beta of 0.77.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $243.75 million during the quarter, compared to analysts’ expectations of $246.93 million. On average, equities research analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a $0.485 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Wednesday, April 16th. McGrath RentCorp’s dividend payout ratio is presently 20.57%.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Company 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.