Clearbridge Investments LLC Decreases Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Clearbridge Investments LLC cut its holdings in McGrath RentCorp (NASDAQ:MGRC) by 0.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 303,411 shares of the financial services provider’s stock after selling 1,008 shares during the quarter. Clearbridge Investments LLC owned 1.24% of McGrath RentCorp worth $37,432,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors bought a new position in shares of McGrath RentCorp during the fourth quarter valued at $55,950,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of McGrath RentCorp by 3,216.2% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock valued at $29,767,000 after acquiring an additional 241,340 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of McGrath RentCorp in the fourth quarter worth approximately $25,329,000. Norges Bank purchased a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $19,469,000. Finally, Wellington Management Group LLP lifted its position in McGrath RentCorp by 24.2% during the fourth quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock valued at $92,258,000 after purchasing an additional 150,253 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of McGrath RentCorp in a research report on Sunday. They issued a “hold” rating for the company.

McGrath RentCorp Trading Down 1.0 %

MGRC stock traded down $1.10 during trading on Tuesday, reaching $113.92. The stock had a trading volume of 208,246 shares, compared to its average volume of 231,642. The firm has a market cap of $2.80 billion, a PE ratio of 22.21, a PEG ratio of 1.71 and a beta of 0.77. The stock’s 50 day moving average is $107.90 and its two-hundred day moving average is $114.62. McGrath RentCorp has a 52 week low of $89.91 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.20. The firm had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.89 EPS. On average, research analysts anticipate that McGrath RentCorp will post 5.05 EPS for the current year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Wednesday, July 17th. McGrath RentCorp’s payout ratio is 37.04%.

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.