State Street Corp Boosts Position in McGrath RentCorp (NASDAQ:MGRC)

State Street Corp raised its stake in McGrath RentCorp (NASDAQ:MGRC) by 2.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 593,009 shares of the financial services provider’s stock after acquiring an additional 12,520 shares during the period. State Street Corp’s holdings in McGrath RentCorp were worth $62,432,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGRC. KBC Group NV grew its position in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after buying an additional 188 shares during the last quarter. Covestor Ltd raised its holdings in shares of McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after buying an additional 161 shares during the last quarter. Millburn Ridgefield Corp acquired a new stake in shares of McGrath RentCorp during the third quarter worth about $203,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after purchasing an additional 104 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new stake in shares of McGrath RentCorp during the third quarter worth approximately $238,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In other news, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Gilda Malek sold 919 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Oppenheimer increased their price target 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. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, CJS Securities assumed coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target for the company.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $114.36 on Thursday. The firm’s 50 day moving average price is $116.49 and its 200 day moving average price is $109.68. The firm has a market cap of $2.81 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. McGrath RentCorp has a 1 year low of $95.50 and a 1 year 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 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the previous year, the business earned $1.65 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities analysts predict that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.66%. McGrath RentCorp’s payout ratio is 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.