McGrath RentCorp (NASDAQ:MGRC) Stake Lessened by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 53.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 334,630 shares of the financial services provider’s stock after selling 380,315 shares during the period. JPMorgan Chase & Co.’s holdings in McGrath RentCorp were worth $35,230,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. River Road Asset Management LLC lifted its position in shares of McGrath RentCorp by 68.2% in the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after purchasing an additional 505,817 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of McGrath RentCorp by 57.3% during the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock valued at $119,456,000 after acquiring an additional 404,884 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of McGrath RentCorp in the third quarter worth $15,967,000. Clearline Capital LP purchased a new stake in shares of McGrath RentCorp during the third quarter worth $11,976,000. Finally, FMR LLC boosted its position in McGrath RentCorp by 3,120.0% during the third quarter. FMR LLC now owns 116,791 shares of the financial services provider’s stock valued at $12,296,000 after purchasing an additional 113,164 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at McGrath RentCorp

In related news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David M. Whitney sold 5,176 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the completion of the transaction, the vice president now directly owns 205 shares of the company’s stock, valued at approximately $23,985. This trade represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,935 shares of company stock worth $5,605,327. Insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on MGRC. Oppenheimer lifted their price target on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. CJS Securities started coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price for the company. Finally, StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $110.08 on Tuesday. The business’s 50-day simple moving average is $117.46 and its 200-day simple moving average is $110.24. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.66 and a beta of 0.77.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $227.76 million. During the same period in the previous year, the company posted $1.65 earnings per share. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities research analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.73%. McGrath RentCorp’s dividend payout ratio is 20.77%.

McGrath RentCorp Company Profile

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.