Water Island Capital LLC Sells 84,426 Shares of McGrath RentCorp (NASDAQ:MGRC)

Water Island Capital LLC decreased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 33.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,210 shares of the financial services provider's stock after selling 84,426 shares during the period. McGrath RentCorp makes up 2.1% of Water Island Capital LLC's portfolio, making the stock its 19th biggest holding. Water Island Capital LLC owned 0.69% of McGrath RentCorp worth $19,033,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MGRC. Vanguard Group Inc. boosted its stake in shares of McGrath RentCorp by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock worth $304,836,000 after acquiring an additional 29,467 shares in the last quarter. River Road Asset Management LLC raised its holdings 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 7.9% during the 4th quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock worth $134,091,000 after acquiring an additional 87,329 shares in the last quarter. State Street Corp grew its holdings in McGrath RentCorp by 2.2% during the third quarter. State Street Corp now owns 593,009 shares of the financial services provider's stock valued at $62,432,000 after purchasing an additional 12,520 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of McGrath RentCorp by 1.1% in the third quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider's stock worth $60,890,000 after buying an additional 6,165 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded up $0.40 during trading on Thursday, reaching $105.76. The stock had a trading volume of 36,817 shares, compared to its average volume of 179,433. The business's 50-day moving average price is $114.58 and its 200 day moving average price is $115.32. The stock has a market capitalization of $2.60 billion, a PE ratio of 11.18, a P/E/G ratio of 1.35 and a beta of 0.62. 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 released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $243.75 million during the quarter, compared to analysts' expectations of $246.93 million. Analysts forecast that McGrath RentCorp will post 6.18 EPS for the current 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 $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. McGrath RentCorp's payout ratio is 20.57%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the transaction, the director now owns 7,500 shares of the company's stock, valued at $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.60% of the company's stock.

Analyst Ratings Changes

Separately, StockNews.com downgraded McGrath RentCorp from a "buy" rating to a "hold" rating in a research report on Friday, March 14th.

McGrath RentCorp Profile

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.