T. Rowe Price Investment Management Inc. Has $102.61 Million Position in McGrath RentCorp (NASDAQ:MGRC)

T. Rowe Price Investment Management Inc. increased its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 11.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 917,631 shares of the financial services provider's stock after acquiring an additional 97,290 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 3.74% of McGrath RentCorp worth $102,610,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of McGrath RentCorp by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock valued at $304,836,000 after buying an additional 29,467 shares during the last quarter. River Road Asset Management LLC raised 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 valued at $212,116,000 after acquiring an additional 649,567 shares in the last quarter. Franklin Resources Inc. boosted its position in 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 during the period. Dimensional Fund Advisors LP increased its holdings in shares of McGrath RentCorp by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock valued at $88,198,000 after purchasing an additional 50,674 shares during the period. Finally, Swedbank AB raised its stake in shares of McGrath RentCorp by 30.0% during the fourth quarter. Swedbank AB now owns 325,000 shares of the financial services provider's stock valued at $36,342,000 after purchasing an additional 75,000 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director now owns 7,500 shares of the company's stock, valued at approximately $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

McGrath RentCorp Stock Down 1.5 %

MGRC traded down $1.56 during trading on Wednesday, reaching $106.00. The stock had a trading volume of 65,275 shares, compared to its average volume of 177,821. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The stock has a 50 day moving average of $111.35 and a two-hundred day moving average of $115.25. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.02 by $0.13. The firm had revenue of $195.42 million for the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. McGrath RentCorp's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.93 earnings per share. On average, research analysts forecast 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 will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.83%. McGrath RentCorp's payout ratio is 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.