McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 2.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 545,661 shares of the financial services provider’s stock after selling 15,937 shares during the period. Wellington Management Group LLP owned 2.22% of McGrath RentCorp worth $61,016,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MGRC. Vanguard Group Inc. increased its position in shares of McGrath RentCorp by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider’s stock valued at $304,836,000 after purchasing an additional 29,467 shares during the period. River Road Asset Management LLC grew its holdings in McGrath RentCorp by 52.1% during the fourth quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider’s stock worth $212,116,000 after acquiring an additional 649,567 shares during the period. Franklin Resources Inc. raised its position in McGrath RentCorp by 57.3% in the third 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 in the last quarter. State Street Corp lifted its holdings in McGrath RentCorp by 2.2% in the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock valued at $62,432,000 after acquiring an additional 12,520 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of McGrath RentCorp by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock valued at $60,890,000 after purchasing an additional 6,165 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction dated 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 directly owns 7,500 shares of the company’s stock, valued at approximately $935,175. This represents a 11.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Trading Down 1.9 %

Shares of MGRC opened at $105.12 on Friday. The business’s 50-day moving average price is $118.20 and its 200 day moving average price is $115.36. The stock has a market capitalization of $2.58 billion, a P/E ratio of 11.15, a P/E/G ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results 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 business had revenue of $243.75 million for the quarter, compared to the consensus estimate of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. On average, research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a $0.485 dividend. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.85%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio is presently 20.57%.

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.