Bank of New York Mellon Corp Sells 10,738 Shares of McGrath RentCorp (NASDAQ:MGRC)

Bank of New York Mellon Corp cut its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 160,561 shares of the financial services provider's stock after selling 10,738 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.65% of McGrath RentCorp worth $17,886,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MGRC. Eminence Capital LP bought a new position in McGrath RentCorp during the 4th quarter valued at $83,898,000. Neumeier Poma Investment Counsel LLC boosted its stake in 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. Algert Global LLC boosted its stake in McGrath RentCorp by 729.1% during the 4th quarter. Algert Global LLC now owns 118,660 shares of the financial services provider's stock valued at $13,269,000 after purchasing an additional 104,348 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in McGrath RentCorp by 11.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider's stock valued at $102,610,000 after purchasing an additional 97,290 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in McGrath RentCorp by 7.9% during the 4th quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock valued at $134,091,000 after purchasing an additional 87,329 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

McGrath RentCorp Trading Down 2.7%

Shares of McGrath RentCorp stock traded down $3.19 during trading on Friday, hitting $113.92. 108,502 shares of the stock were exchanged, compared to its average volume of 184,874. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 1.19 and a beta of 0.66. The company has a fifty day moving average price of $115.80 and a 200-day moving average price of $114.77. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.81% and a return on equity of 13.57%. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. During the same quarter last year, the business posted $0.93 EPS. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.70%. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.10%.

Insider Activity at McGrath RentCorp

In related news, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $111.32, for a total transaction of $278,300.00. Following the transaction, the vice president directly owned 8,692 shares of the company's stock, valued at $967,593.44. This trade represents a 22.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Trease Kristina Van sold 2,221 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the transaction, the insider directly owned 6,694 shares in the company, valued at $764,521.74. The trade was a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,313 shares of company stock worth $2,005,372. 1.40% of the stock is currently owned by insiders.

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.