McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN grew its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 51.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,619 shares of the financial services provider's stock after buying an additional 3,922 shares during the period. Wells Fargo & Company MN's holdings in McGrath RentCorp were worth $1,299,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Atala Financial Inc purchased a new position in shares of McGrath RentCorp during the fourth quarter worth approximately $31,000. New Age Alpha Advisors LLC purchased a new position in McGrath RentCorp during the 4th quarter worth $33,000. KBC Group NV increased its stake in McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after purchasing an additional 286 shares during the period. Xponance Inc. purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $200,000. Finally, Empirical Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth about $207,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Trading Down 0.8 %

Shares of NASDAQ:MGRC traded down $0.89 during midday trading on Wednesday, hitting $106.67. The stock had a trading volume of 190,522 shares, compared to its average volume of 178,565. The company has a market capitalization of $2.63 billion, a PE ratio of 11.31, a P/E/G ratio of 1.35 and a beta of 0.62. 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 price of $111.35 and a two-hundred day moving average price of $115.25.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.13. The company had revenue of $195.42 million for the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The firm's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. As a group, equities analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a yield of 1.82%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio (DPR) is 20.10%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the sale, the director now owns 7,500 shares of the company's stock, valued at approximately $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Philip B. Hawkins sold 4,804 shares of the company's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.60% of the company's stock.

McGrath RentCorp Company 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.