Barclays PLC Grows Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Barclays PLC increased its holdings in McGrath RentCorp (NASDAQ:MGRC) by 351.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,555 shares of the financial services provider’s stock after buying an additional 31,575 shares during the quarter. Barclays PLC owned 0.17% of McGrath RentCorp worth $4,269,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in MGRC. Quest Partners LLC purchased a new position in shares of McGrath RentCorp during the 2nd quarter worth $1,064,000. Dynamic Technology Lab Private Ltd purchased a new position in McGrath RentCorp during the third quarter valued at $816,000. Alpine Associates Management Inc. grew its holdings in McGrath RentCorp by 9.8% during the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after purchasing an additional 63,366 shares during the period. Intech Investment Management LLC purchased a new stake in McGrath RentCorp in the third quarter worth about $797,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of McGrath RentCorp by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock worth $30,243,000 after buying an additional 8,428 shares during the period. 92.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. CJS Securities began coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective for the company. Finally, Oppenheimer lifted their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd.

Insider Activity at McGrath RentCorp

In related news, VP Gilda Malek sold 919 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Dawson sold 20,000 shares of McGrath RentCorp stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the completion of the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $460,000. This represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,935 shares of company stock valued at $5,605,327. 1.60% of the stock is owned by corporate insiders.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $112.65 on Friday. The company has a market cap of $2.77 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.66 and a beta of 0.75. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The firm’s fifty day moving average is $116.68 and its two-hundred day moving average is $109.76.

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

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.69%. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

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.