Asset Management One Co. Ltd. Has $3.58 Million Stake in McGrath RentCorp (MGRC)

Asset Management One Co. Ltd. grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 40.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,400 shares of the financial services provider’s stock after purchasing an additional 23,400 shares during the period. Asset Management One Co. Ltd. owned about 0.34% of McGrath RentCorp worth $3,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGRC. Teachers Advisors LLC lifted its holdings in shares of McGrath RentCorp by 3.5% during the first quarter. Teachers Advisors LLC now owns 38,817 shares of the financial services provider’s stock valued at $1,303,000 after purchasing an additional 1,324 shares during the last quarter. Bank of America Corp DE raised its position in McGrath RentCorp by 9.7% during the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock valued at $316,000 after buying an additional 830 shares during the period. US Bancorp DE raised its position in McGrath RentCorp by 17,333.3% during the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,160 shares during the period. Schwab Charles Investment Management Inc. raised its position in McGrath RentCorp by 3.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 162,836 shares of the financial services provider’s stock valued at $5,640,000 after buying an additional 4,754 shares during the period. Finally, Legal & General Group Plc raised its position in McGrath RentCorp by 2.4% during the second quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock valued at $252,000 after buying an additional 172 shares during the period. 82.61% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp (MGRC) opened at $46.94 on Thursday. The firm has a market capitalization of $1,121.10, a price-to-earnings ratio of 24.55, a P/E/G ratio of 2.29 and a beta of 1.02. McGrath RentCorp has a 52-week low of $32.09 and a 52-week high of $49.66.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.12. The firm had revenue of $135.39 million for the quarter, compared to analyst estimates of $124.90 million. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. McGrath RentCorp’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share. equities research analysts anticipate that McGrath RentCorp will post 2.04 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, January 16th. McGrath RentCorp’s payout ratio is 54.74%.

In other McGrath RentCorp news, Director William J. Dawson sold 4,000 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.83, for a total value of $191,320.00. Following the transaction, the director now directly owns 15,543 shares of the company’s stock, valued at approximately $743,421.69. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith E. Pratt sold 2,284 shares of the company’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $47.00, for a total value of $107,348.00. Following the completion of the transaction, the chief financial officer now directly owns 28,118 shares in the company, valued at $1,321,546. The disclosure for this sale can be found here. Insiders have sold 13,159 shares of company stock worth $628,935 over the last three months. 4.60% of the stock is owned by insiders.

MGRC has been the topic of several recent analyst reports. ValuEngine lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a research report on Friday, November 3rd. Oppenheimer reissued a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st. Finally, BidaskClub lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Thursday, December 14th.

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About McGrath RentCorp

McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).

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Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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