Cibc World Markets Corp Buys New Shares in McGrath RentCorp (NASDAQ:MGRC)

Cibc World Markets Corp purchased a new position in McGrath RentCorp (NASDAQ:MGRC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,283 shares of the financial services provider’s stock, valued at approximately $255,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atala Financial Inc acquired a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $31,000. KBC Group NV grew its stake in McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 286 shares during the period. Empirical Asset Management LLC bought a new stake in shares of McGrath RentCorp during the fourth quarter valued at approximately $207,000. Millburn Ridgefield Corp acquired a new position in shares of McGrath RentCorp during the third quarter worth approximately $203,000. Finally, Point72 DIFC Ltd bought a new position in shares of McGrath RentCorp in the 3rd quarter worth $238,000. 92.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MGRC has been the topic of several research reports. StockNews.com downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th. CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock.

Insider Transactions at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was 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 of the company’s stock, valued at $935,175. This trade represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Trading Up 0.5 %

Shares of McGrath RentCorp stock opened at $116.91 on Wednesday. The stock has a fifty day simple moving average of $119.59 and a 200 day simple moving average of $115.04. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The company has a market capitalization of $2.87 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75.

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

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 annualized dividend and a yield of 1.66%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio (DPR) is 20.57%.

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.