McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in McGrath RentCorp (NASDAQ:MGRC) by 29.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 7,880 shares of the financial services provider’s stock after acquiring an additional 1,795 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in McGrath RentCorp were worth $881,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Franklin Resources Inc. grew its position in shares of 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 valued at $119,456,000 after purchasing an additional 404,884 shares during the period. State Street Corp grew 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 buying an additional 12,520 shares during the period. Geode Capital Management LLC increased its stake 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 acquiring an additional 6,165 shares during the last quarter. Swedbank AB lifted its holdings in shares of McGrath RentCorp by 30.0% during the 4th quarter. Swedbank AB now owns 325,000 shares of the financial services provider’s stock worth $36,342,000 after acquiring an additional 75,000 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of McGrath RentCorp by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider’s stock worth $32,819,000 after acquiring an additional 6,238 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 1.0 %

MGRC opened at $114.64 on Friday. The company has a 50 day moving average of $119.47 and a two-hundred day moving average of $114.66. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The company has a market cap of $2.81 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. The firm had revenue of $243.75 million during the quarter, compared to the consensus estimate of $246.93 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. Research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 1.69%. McGrath RentCorp’s payout ratio is 20.57%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. StockNews.com lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th. CJS Securities started coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock. Finally, Oppenheimer upped their price target on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd.

Insiders Place Their Bets

In other news, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by company insiders.

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.