Charles Schwab Investment Management Inc. Raises Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Charles Schwab Investment Management Inc. raised its stake in McGrath RentCorp (NASDAQ:MGRC) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 293,499 shares of the financial services provider’s stock after acquiring an additional 6,238 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.20% of McGrath RentCorp worth $32,819,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. KBC Group NV increased its stake in shares of McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 188 shares in the last quarter. Millburn Ridgefield Corp bought a new position in shares of McGrath RentCorp in the third quarter worth $203,000. Empirical Asset Management LLC bought a new position in shares of McGrath RentCorp in the fourth quarter worth $207,000. Point72 DIFC Ltd purchased a new position in shares of McGrath RentCorp in the third quarter valued at $238,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of McGrath RentCorp by 1,487.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 2,648 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on MGRC. StockNews.com downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Friday. CJS Securities began coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price objective for the company. Finally, Oppenheimer increased their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 7,500 shares of the company’s stock, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by insiders.

McGrath RentCorp Stock Up 3.6 %

Shares of NASDAQ MGRC opened at $113.56 on Monday. The stock’s 50-day simple moving average is $119.18 and its two-hundred day simple moving average is $114.56. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm has a market capitalization of $2.79 billion, a P/E ratio of 12.04, a P/E/G ratio of 1.35 and a beta of 0.75.

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, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $243.75 million for the quarter, compared to analysts’ expectations of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. As a group, research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be given a dividend of $0.485 per share. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.71%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio (DPR) is 20.57%.

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.