Swiss National Bank Has $5.40 Million Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Swiss National Bank boosted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 0.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,300 shares of the financial services provider’s stock after buying an additional 300 shares during the period. Swiss National Bank owned about 0.20% of McGrath RentCorp worth $5,401,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MGRC. KBC Group NV boosted its position in shares of McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock worth $118,000 after buying an additional 286 shares during the period. Empirical Asset Management LLC acquired a new stake in McGrath RentCorp during the 4th quarter worth about $207,000. Millburn Ridgefield Corp acquired a new stake in McGrath RentCorp during the 3rd quarter worth about $203,000. Point72 DIFC Ltd purchased a new position in McGrath RentCorp during the 3rd quarter valued at about $238,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of McGrath RentCorp by 1,487.6% in 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. 92.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction dated 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 $935,175. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. CJS Securities began coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price objective on the stock. StockNews.com cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $116.35 on Tuesday. The business has a 50 day simple moving average of $119.55 and a 200 day simple moving average of $114.94. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS 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 analyst estimates of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. On average, analysts predict 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. Shareholders of record on Wednesday, April 16th will be given a $0.485 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.67%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is currently 20.57%.

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.