Bank of New York Mellon Corp Has $19.16 Million Stake in McGrath RentCorp (NASDAQ:MGRC)

Bank of New York Mellon Corp boosted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 0.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 171,299 shares of the financial services provider’s stock after purchasing an additional 914 shares during the quarter. Bank of New York Mellon Corp owned about 0.70% of McGrath RentCorp worth $19,155,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its position in shares of McGrath RentCorp by 57.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock worth $119,456,000 after acquiring an additional 404,884 shares during the period. Victory Capital Management Inc. raised its holdings in shares of McGrath RentCorp by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock worth $79,546,000 after buying an additional 47,872 shares in the last quarter. State Street Corp raised its holdings in shares of McGrath RentCorp by 2.2% in the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock worth $62,432,000 after buying an additional 12,520 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of McGrath RentCorp by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock worth $60,890,000 after buying an additional 6,165 shares in the last quarter. Finally, Swedbank AB raised its holdings in shares of McGrath RentCorp by 30.0% in the 4th quarter. Swedbank AB now owns 325,000 shares of the financial services provider’s stock worth $36,342,000 after buying an additional 75,000 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

Insider Activity

In other news, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 7,500 shares in the company, valued at $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $109.99 on Tuesday. The stock has a fifty day moving average of $119.18 and a 200-day moving average of $114.47. The stock has a market capitalization of $2.70 billion, a P/E ratio of 11.66, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results 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 company had revenue of $243.75 million during the quarter, compared to analysts’ expectations of $246.93 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. Equities research analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be paid a $0.485 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Wednesday, April 16th. McGrath RentCorp’s dividend payout ratio (DPR) is 20.57%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Oppenheimer increased their target price on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. CJS Securities started coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set 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.

About McGrath RentCorp

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.