CIBC Private Wealth Group LLC Has $473,000 Stake in McGrath RentCorp (NASDAQ:MGRC)

CIBC Private Wealth Group LLC lowered its position in McGrath RentCorp (NASDAQ:MGRC) by 16.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,234 shares of the financial services provider’s stock after selling 849 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in McGrath RentCorp were worth $473,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Atala Financial Inc bought a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $31,000. New Age Alpha Advisors LLC bought a new stake in McGrath RentCorp in the fourth quarter valued at approximately $33,000. KBC Group NV lifted its position in shares of 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 buying an additional 286 shares during the last quarter. Xponance Inc. acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $200,000. Finally, Empirical Asset Management LLC bought a new position in shares of McGrath RentCorp during the 4th quarter worth approximately $207,000. Institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. CJS Securities initiated coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target for the company. StockNews.com cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Friday, March 14th.

Insiders Place Their Bets

In other 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 transaction of $124,690.00. Following the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $935,175. This trade represents a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Down 1.9 %

Shares of NASDAQ:MGRC opened at $105.12 on Friday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The business has a 50 day moving average of $118.20 and a 200-day moving average of $115.45. The stock has a market cap of $2.58 billion, a PE ratio of 11.15, a P/E/G ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 13.68% and a net margin of 25.44%. Equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.85%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.57%.

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.