Allworth Financial LP Sells 500 Shares of McGrath RentCorp (NASDAQ:MGRC)

Allworth Financial LP decreased its position in McGrath RentCorp (NASDAQ:MGRC) by 9.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,850 shares of the financial services provider’s stock after selling 500 shares during the quarter. Allworth Financial LP’s holdings in McGrath RentCorp were worth $597,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KBC Group NV increased its position 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 valued at $81,000 after acquiring an additional 188 shares during the last quarter. Covestor Ltd grew its holdings 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 purchasing an additional 161 shares during the period. Millburn Ridgefield Corp bought a new position in McGrath RentCorp during the third quarter worth about $203,000. Empirical Asset Management LLC bought a new position in McGrath RentCorp during the fourth quarter worth about $207,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

Shares of MGRC opened at $128.96 on Friday. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.56. The company has a market cap of $3.17 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.23 and a beta of 0.77. The firm has a 50 day simple moving average of $117.76 and a two-hundred day simple moving average of $112.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $243.75 million during the quarter, compared to the consensus estimate of $246.93 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. On average, analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders 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 is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 1.50%. McGrath RentCorp’s dividend payout ratio is 20.77%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MGRC. CJS Securities began coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price objective for the company. Oppenheimer boosted their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, StockNews.com cut McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Thursday.

Insider Transactions at McGrath RentCorp

In related news, VP Gilda Malek sold 919 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.

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.