McGrath RentCorp $MGRC Shares Sold by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 22.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 32,305 shares of the financial services provider's stock after selling 9,222 shares during the quarter. Asset Management One Co. Ltd. owned about 0.13% of McGrath RentCorp worth $3,433,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Palouse Capital Management Inc. acquired a new stake in McGrath RentCorp during the 4th quarter worth about $152,000. Chatham Capital Group Inc. lifted its holdings in shares of McGrath RentCorp by 0.7% in the 4th quarter. Chatham Capital Group Inc. now owns 26,824 shares of the financial services provider's stock valued at $2,815,000 after buying an additional 190 shares during the period. Wedge Capital Management L L P NC lifted its holdings in shares of McGrath RentCorp by 14.3% in the 4th quarter. Wedge Capital Management L L P NC now owns 22,811 shares of the financial services provider's stock valued at $2,394,000 after buying an additional 2,855 shares during the period. SG Americas Securities LLC lifted its holdings in shares of McGrath RentCorp by 240.3% in the 4th quarter. SG Americas Securities LLC now owns 31,308 shares of the financial services provider's stock valued at $3,285,000 after buying an additional 22,108 shares during the period. Finally, Diversified Trust Co. lifted its holdings in shares of McGrath RentCorp by 4.6% in the 4th quarter. Diversified Trust Co. now owns 2,332 shares of the financial services provider's stock valued at $245,000 after buying an additional 103 shares during the period. Institutional investors and hedge funds own 92.05% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MGRC shares. Barclays started coverage on McGrath RentCorp in a report on Wednesday, February 11th. They issued an "overweight" rating and a $140.00 price objective for the company. Weiss Ratings reissued a "hold (c+)" rating on shares of McGrath RentCorp in a report on Tuesday, January 27th. Finally, Zacks Research raised McGrath RentCorp from a "strong sell" rating to a "hold" rating in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $141.50.

McGrath RentCorp Stock Up 5.0%

Shares of McGrath RentCorp stock opened at $115.00 on Friday. The firm has a market cap of $2.83 billion, a PE ratio of 18.11, a P/E/G ratio of 1.08 and a beta of 0.49. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The business has a 50-day moving average price of $110.77 and a 200 day moving average price of $109.89.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The financial services provider reported $2.02 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.28. McGrath RentCorp had a net margin of 16.55% and a return on equity of 13.21%. The firm had revenue of $256.76 million for the quarter, compared to analyst estimates of $254.32 million. On average, sell-side analysts expect that McGrath RentCorp will post 6.52 EPS for the current year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th will be issued a dividend of $0.495 per share. The ex-dividend date of this dividend is Thursday, April 16th. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.49. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. McGrath RentCorp's payout ratio is currently 31.18%.

McGrath RentCorp Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.

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