Steward Partners Investment Advisory LLC Decreases Stake in McGrath RentCorp (NASDAQ:MGRC)

Steward Partners Investment Advisory LLC lessened its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 27.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,956 shares of the financial services provider’s stock after selling 1,116 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in McGrath RentCorp were worth $331,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. boosted its stake 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 valued at $119,456,000 after buying an additional 404,884 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of McGrath RentCorp during the 3rd quarter worth approximately $15,967,000. Clearline Capital LP bought a new stake in shares of McGrath RentCorp during the 3rd quarter worth approximately $11,976,000. FMR LLC raised its position in 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 purchasing an additional 113,164 shares in the last quarter. Finally, Swedbank AB raised its position in McGrath RentCorp by 30.0% during the 4th quarter. Swedbank AB now owns 325,000 shares of the financial services provider’s stock valued at $36,342,000 after purchasing an additional 75,000 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock opened at $109.58 on Friday. The stock has a 50 day moving average of $119.13 and a 200 day moving average of $114.43. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business had revenue of $243.75 million for the quarter, compared to analysts’ expectations of $246.93 million. Analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.77%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.57%.

Insider Buying and Selling at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Oppenheimer boosted their price target 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 assumed coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target for the company. Finally, StockNews.com raised McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, February 28th.

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.