Capital Research Global Investors Sells 212,503 Shares of McGrath RentCorp (NASDAQ:MGRC)

Capital Research Global Investors decreased its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 39.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 326,828 shares of the financial services provider's stock after selling 212,503 shares during the period. Capital Research Global Investors owned approximately 1.33% of McGrath RentCorp worth $36,546,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MGRC. River Road Asset Management LLC boosted its stake in shares of McGrath RentCorp by 52.1% during the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock valued at $212,116,000 after purchasing an additional 649,567 shares in the last quarter. Franklin Resources Inc. boosted its stake 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 purchasing an additional 404,884 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of McGrath RentCorp during the 4th quarter valued at about $13,179,000. Neumeier Poma Investment Counsel LLC boosted its stake in shares of McGrath RentCorp by 127.1% during the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider's stock valued at $22,901,000 after purchasing an additional 114,626 shares in the last quarter. Finally, Norges Bank bought a new stake in McGrath RentCorp during the fourth quarter worth about $9,724,000. Institutional investors own 92.05% of the company's stock.

Insider Activity

In other news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the sale, the director now owns 7,500 shares in the company, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded down $0.65 during mid-day trading on Friday, hitting $103.37. 145,505 shares of the company's stock were exchanged, compared to its average volume of 177,966. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The business has a fifty day moving average price of $112.13 and a 200 day moving average price of $115.31. The company has a market cap of $2.54 billion, a PE ratio of 10.96, a P/E/G ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. On average, equities analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.88%. McGrath RentCorp's dividend payout ratio is presently 20.57%.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday.

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.