2,527 Shares in McGrath RentCorp (NASDAQ:MGRC) Purchased by Fox Run Management L.L.C.

Fox Run Management L.L.C. bought a new stake in shares of McGrath RentCorp (NASDAQ:MGRC) in the fourth quarter, Holdings Channel reports. The fund bought 2,527 shares of the financial services provider’s stock, valued at approximately $283,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. River Road Asset Management LLC raised its stake in McGrath RentCorp by 52.1% in 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 purchasing an additional 649,567 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 buying an additional 404,884 shares in the last quarter. State Street Corp raised its position in shares of McGrath RentCorp by 2.2% in the third quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock valued at $62,432,000 after buying an additional 12,520 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of McGrath RentCorp by 1.1% in the third quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock worth $60,890,000 after buying an additional 6,165 shares in the last quarter. Finally, Swedbank AB boosted its position in McGrath RentCorp by 30.0% during the fourth quarter. Swedbank AB now owns 325,000 shares of the financial services provider’s stock worth $36,342,000 after acquiring an additional 75,000 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Insider Activity

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 value of $124,690.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. CJS Securities started coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price on the stock. StockNews.com downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday, March 14th.

McGrath RentCorp Trading Down 1.1 %

Shares of MGRC opened at $115.19 on Friday. The firm has a 50-day moving average price of $119.49 and a 200 day moving average price of $115.06. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The firm has a market capitalization of $2.83 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced 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. The business had revenue of $243.75 million during the quarter, compared to the consensus estimate of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. Equities research 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 announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be given a $0.485 dividend. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a yield of 1.68%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is currently 20.57%.

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.