McGrath RentCorp (NASDAQ:MGRC) Shares Sold by GABELLI & Co INVESTMENT ADVISERS INC.

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 27.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,771 shares of the financial services provider's stock after selling 7,900 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. owned approximately 0.08% of McGrath RentCorp worth $2,323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MGRC. River Road Asset Management LLC lifted its stake in 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 worth $212,116,000 after acquiring an additional 649,567 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of McGrath RentCorp by 57.3% during the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock worth $119,456,000 after purchasing an additional 404,884 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of McGrath RentCorp in the fourth quarter valued at approximately $13,179,000. Neumeier Poma Investment Counsel LLC grew its holdings in shares of McGrath RentCorp by 127.1% in the fourth 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. Finally, Norges Bank purchased a new stake in McGrath RentCorp during the 4th quarter worth approximately $9,724,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

Shares of MGRC traded down $0.43 during midday trading on Friday, hitting $104.93. The company had a trading volume of 140,907 shares, compared to its average volume of 179,238. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The firm has a market capitalization of $2.58 billion, a P/E ratio of 11.13, a P/E/G ratio of 1.35 and a beta of 0.62. The company's 50-day simple moving average is $113.90 and its 200-day simple moving average is $115.39.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $243.75 million during the quarter, compared to the consensus estimate of $246.93 million. Equities analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.85%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio is presently 20.57%.

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now directly owns 7,500 shares of the company's stock, valued at $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

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

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.