Ameriprise Financial Inc. Increases Stake in McGrath RentCorp (NASDAQ:MGRC)

Ameriprise Financial Inc. raised its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 35.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,403 shares of the financial services provider's stock after buying an additional 3,272 shares during the period. Ameriprise Financial Inc. owned about 0.05% of McGrath RentCorp worth $1,387,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MGRC. Barclays PLC raised its holdings in McGrath RentCorp by 351.6% in the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider's stock worth $4,269,000 after purchasing an additional 31,575 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of McGrath RentCorp by 4.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider's stock valued at $933,000 after buying an additional 357 shares during the period. KBC Group NV grew its position in shares of McGrath RentCorp by 37.3% during the 4th 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. One Wealth Advisors LLC increased its holdings in McGrath RentCorp by 40.1% in the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock worth $1,885,000 after acquiring an additional 4,824 shares in the last quarter. Finally, Jennison Associates LLC bought a new stake in McGrath RentCorp during the fourth quarter valued at about $1,520,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th.

Insiders Place Their Bets

In other news, VP John P. Skenesky sold 2,500 shares of McGrath RentCorp stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the transaction, the vice president now owns 8,692 shares in the company, valued at $967,593.44. The trade was a 22.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Philip B. Hawkins sold 4,804 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $103.57, for a total value of $497,550.28. Following the transaction, the chief operating officer now owns 3,150 shares of the company's stock, valued at approximately $326,245.50. This represents a 60.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,871 shares of company stock worth $1,382,041. Company insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ MGRC traded down $2.30 during midday trading on Wednesday, hitting $113.99. 86,325 shares of the company traded hands, compared to its average volume of 183,223. The company has a market cap of $2.81 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The company's 50-day simple moving average is $109.34 and its 200-day simple moving average is $115.03. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. McGrath RentCorp's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.93 EPS. On average, research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.70%. McGrath RentCorp's dividend payout ratio is currently 20.10%.

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.