Allspring Global Investments Holdings LLC Has $3.63 Million Stake in McGrath RentCorp (NASDAQ:MGRC)

Allspring Global Investments Holdings LLC cut its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 45.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,329 shares of the financial services provider's stock after selling 24,928 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.12% of McGrath RentCorp worth $3,628,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Dark Forest Capital Management LP lifted its stake in McGrath RentCorp by 210.0% in the 1st quarter. Dark Forest Capital Management LP now owns 310 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 210 shares in the last quarter. Adirondack Trust Co. bought a new stake in shares of McGrath RentCorp in the third quarter worth $50,000. Lazard Asset Management LLC acquired a new position in McGrath RentCorp during the first quarter worth $51,000. Tower Research Capital LLC TRC grew its position in McGrath RentCorp by 211.3% in the first quarter. Tower Research Capital LLC TRC now owns 607 shares of the financial services provider's stock valued at $57,000 after purchasing an additional 412 shares in the last quarter. Finally, FMR LLC increased its stake in McGrath RentCorp by 14.1% in the 2nd quarter. FMR LLC now owns 978 shares of the financial services provider's stock valued at $74,000 after buying an additional 121 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of McGrath RentCorp in a research note on Saturday. They set a "hold" rating for the company.

McGrath RentCorp Stock Down 0.3 %

Shares of NASDAQ:MGRC traded down $0.28 during midday trading on Friday, hitting $110.39. The stock had a trading volume of 299,349 shares, compared to its average volume of 226,481. The business's 50-day simple moving average is $121.68 and its 200-day simple moving average is $113.12. McGrath RentCorp has a 12 month low of $85.97 and a 12 month high of $130.86. The company has a market cap of $2.71 billion, a P/E ratio of 15.50, a PEG ratio of 1.57 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $1.30 EPS for the quarter, missing analysts' consensus estimates of $1.37 by ($0.07). The firm had revenue of $221.59 million during the quarter, compared to the consensus estimate of $214.43 million. McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. As a group, equities analysts predict that McGrath RentCorp will post 5.42 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Monday, April 15th. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.47. McGrath RentCorp's payout ratio is 26.69%.

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.