McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Northern Trust Corp

Northern Trust Corp increased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 8.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 323,439 shares of the financial services provider's stock after acquiring an additional 25,884 shares during the period. Northern Trust Corp owned approximately 1.32% of McGrath RentCorp worth $36,167,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of McGrath RentCorp by 1,487.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock worth $312,000 after purchasing an additional 2,648 shares during the period. Asset Management One Co. Ltd. acquired a new position in shares of McGrath RentCorp in the 4th quarter worth approximately $3,833,000. One Wealth Advisors LLC boosted its position in McGrath RentCorp by 40.1% during the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock valued at $1,885,000 after purchasing an additional 4,824 shares during the period. Charles Schwab Investment Management Inc. boosted its position in McGrath RentCorp by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock valued at $32,819,000 after purchasing an additional 6,238 shares during the period. Finally, Barclays PLC raised its stake in shares of 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 buying an additional 31,575 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insiders Place Their Bets

In other news, COO Philip B. Hawkins sold 4,804 shares of the business's stock in a transaction that occurred 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 in the company, valued at $326,245.50. The trade was a 60.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total value of $606,190.63. Following the completion of the transaction, the chief executive officer now owns 176,897 shares in the company, valued at approximately $19,262,314.33. The trade was a 3.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,871 shares of company stock valued at $1,506,731. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC traded up $1.17 during midday trading on Thursday, hitting $115.28. The stock had a trading volume of 24,341 shares, compared to its average volume of 180,144. The company's 50-day simple moving average is $109.11 and its 200 day simple moving average is $115.40. The firm has a market cap of $2.84 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data 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. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. During the same period last year, the firm posted $0.93 earnings per share. The business's revenue was up 4.0% on a year-over-year basis. Equities analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th were issued a dividend of $0.485 per share. The ex-dividend date was Wednesday, April 16th. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a yield of 1.68%. McGrath RentCorp's payout ratio is presently 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.