McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Northern Trust Corp

Northern Trust Corp lifted its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 8.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 323,439 shares of the financial services provider’s stock after purchasing an additional 25,884 shares during the period. Northern Trust Corp owned about 1.32% of McGrath RentCorp worth $36,167,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Coldstream Capital Management Inc. increased its position in McGrath RentCorp by 5.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 17,489 shares of the financial services provider’s stock worth $1,956,000 after buying an additional 828 shares during the period. Snyder Capital Management L P increased its holdings in shares of McGrath RentCorp by 25.3% in the 4th quarter. Snyder Capital Management L P now owns 400,250 shares of the financial services provider’s stock valued at $44,756,000 after acquiring an additional 80,908 shares during the period. Brasada Capital Management LP raised its position in McGrath RentCorp by 100.1% in the 4th quarter. Brasada Capital Management LP now owns 31,657 shares of the financial services provider’s stock valued at $3,625,000 after purchasing an additional 15,839 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in McGrath RentCorp by 11.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider’s stock worth $102,610,000 after purchasing an additional 97,290 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in McGrath RentCorp by 1.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 162,605 shares of the financial services provider’s stock worth $18,184,000 after purchasing an additional 1,763 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $110.18 on Friday. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The firm’s fifty day moving average price is $109.08 and its 200 day moving average price is $115.27. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million for the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 earnings per share. As a group, analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were issued a $0.485 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Wednesday, April 16th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.10%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, COO Philip B. Hawkins sold 4,804 shares of the business’s stock in a transaction on Monday, April 28th. The shares were sold at an average price of $103.57, for a total transaction of $497,550.28. Following the sale, the chief operating officer now directly owns 3,150 shares in the company, valued at approximately $326,245.50. The trade was a 60.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph F. Hanna sold 5,567 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the sale, the chief executive officer now owns 176,897 shares of the company’s stock, valued at $19,262,314.33. This trade represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,871 shares of company stock worth $1,506,731 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

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.