Lazard Asset Management LLC Boosts Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Lazard Asset Management LLC boosted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1,001.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,094 shares of the financial services provider's stock after purchasing an additional 10,996 shares during the period. Lazard Asset Management LLC's holdings in McGrath RentCorp were worth $1,352,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGRC. Atala Financial Inc bought a new position in shares of McGrath RentCorp during the fourth quarter valued at about $31,000. New Age Alpha Advisors LLC bought a new position in shares of McGrath RentCorp during the fourth quarter valued at about $33,000. Canada Pension Plan Investment Board bought a new position in shares of McGrath RentCorp during the fourth quarter valued at about $89,000. KBC Group NV raised its stake in shares of McGrath RentCorp by 37.3% during 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 last quarter. Finally, Focus Partners Wealth bought a new position in shares of McGrath RentCorp during the fourth quarter valued at about $136,000. 92.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded down $1.17 during midday trading on Friday, hitting $113.38. 79,702 shares of the company traded hands, compared to its average volume of 182,235. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The stock has a 50-day moving average price of $109.53 and a 200 day moving average price of $115.31. The firm has a market cap of $2.79 billion, a P/E ratio of 12.02, a P/E/G ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating 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 company had revenue of $195.42 million for the quarter, compared to analysts' expectations of $189.03 million. During the same quarter in the previous year, the company earned $0.93 earnings per share. McGrath RentCorp's quarterly revenue was up 4.0% on a year-over-year basis. As a group, equities analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the sale, the director now owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John P. Skenesky sold 2,500 shares of the company's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the completion of the sale, the vice president now owns 8,692 shares in the company, valued at approximately $967,593.44. This trade represents a 22.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,871 shares of company stock worth $1,506,731 over the last 90 days. 1.60% of the stock is owned by company 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.