Clearbridge Investments LLC Lowers Stake in McGrath RentCorp (NASDAQ:MGRC)

Clearbridge Investments LLC cut its stake in McGrath RentCorp (NASDAQ:MGRC) by 0.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 303,411 shares of the financial services provider’s stock after selling 1,008 shares during the quarter. Clearbridge Investments LLC’s holdings in McGrath RentCorp were worth $37,432,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in MGRC. Vanguard Group Inc. grew its stake in McGrath RentCorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after purchasing an additional 11,280 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of McGrath RentCorp by 24.2% in the 4th quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock valued at $92,258,000 after buying an additional 150,253 shares in the last quarter. Capital Research Global Investors purchased a new position in shares of McGrath RentCorp in the 4th quarter worth approximately $55,950,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of McGrath RentCorp by 82.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock worth $47,619,000 after acquiring an additional 174,240 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in McGrath RentCorp by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 268,391 shares of the financial services provider’s stock valued at $32,105,000 after acquiring an additional 5,792 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of McGrath RentCorp in a report on Sunday. They issued a “hold” rating on the stock.

McGrath RentCorp Price Performance

NASDAQ MGRC traded down $1.10 during trading on Tuesday, hitting $113.92. The company’s stock had a trading volume of 208,246 shares, compared to its average volume of 231,642. McGrath RentCorp has a fifty-two week low of $89.91 and a fifty-two week high of $130.86. The company has a market cap of $2.80 billion, a PE ratio of 22.21, a P/E/G ratio of 1.71 and a beta of 0.77. The business’s 50 day simple moving average is $107.90 and its 200-day simple moving average is $114.62.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.20. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The company had revenue of $187.80 million for the quarter, compared to the consensus estimate of $145.63 million. During the same quarter in the prior year, the company earned $0.89 EPS. McGrath RentCorp’s quarterly revenue was up 14.7% on a year-over-year basis. Analysts expect that McGrath RentCorp will post 5.05 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be paid a dividend of $0.475 per share. The ex-dividend date is Wednesday, July 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.67%. McGrath RentCorp’s payout ratio is currently 37.04%.

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.