McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 3.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 287,261 shares of the financial services provider’s stock after acquiring an additional 8,428 shares during the period. Charles Schwab Investment Management Inc.’s holdings in McGrath RentCorp were worth $30,243,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MGRC. River Road Asset Management LLC increased its position in shares of McGrath RentCorp by 68.2% during the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock valued at $131,324,000 after acquiring an additional 505,817 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of McGrath RentCorp by 26.0% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after acquiring an additional 100,210 shares during the last quarter. Swedbank AB increased its position in shares of McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after acquiring an additional 80,000 shares during the last quarter. Murchinson Ltd. acquired a new stake in shares of McGrath RentCorp during the second quarter valued at about $7,466,000. Finally, Millennium Management LLC increased its position in shares of McGrath RentCorp by 31.1% during the second quarter. Millennium Management LLC now owns 287,136 shares of the financial services provider’s stock valued at $30,594,000 after acquiring an additional 68,172 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer lifted their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $121.56 on Thursday. The stock has a market capitalization of $2.98 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The company has a 50 day moving average price of $113.94 and a 200 day moving average price of $109.05. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. The firm had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.65 earnings per share. On average, research analysts forecast that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insiders Place Their Bets

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the transaction, the chief executive officer now owns 155,409 shares in the company, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.62, for a total transaction of $114,620.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $859,650. This trade represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,016 shares of company stock worth $5,493,411 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.

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.