McGrath RentCorp (NASDAQ:MGRC) Holdings Increased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in shares of McGrath RentCorp (NASDAQ:MGRC – Get Rating) by 20.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,090 shares of the financial services provider’s stock after purchasing an additional 2,911 shares during the period. Envestnet Asset Management Inc. owned approximately 0.07% of McGrath RentCorp worth $1,687,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Lazard Asset Management LLC acquired a new position in McGrath RentCorp in the third quarter worth approximately $48,000. Glass Jacobson Investment Advisors llc bought a new stake in McGrath RentCorp during the fourth quarter worth about $52,000. Parallel Advisors LLC increased its position in McGrath RentCorp by 32.1% in the 4th quarter. Parallel Advisors LLC now owns 622 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 151 shares in the last quarter. FMR LLC grew its stake in shares of McGrath RentCorp by 14.1% during the second quarter. FMR LLC now owns 978 shares of the financial services provider’s stock valued at $74,000 after purchasing an additional 121 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in McGrath RentCorp in the 2nd quarter worth approximately $90,000. Institutional investors and hedge funds own 82.90% of the company’s stock.

Wall Street Analyst Weigh In

MGRC has been the topic of several recent research reports. Sidoti upgraded McGrath RentCorp from a “neutral” rating to a “buy” rating and set a $127.00 price target on the stock in a report on Thursday, February 2nd. StockNews.com cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Saturday, May 13th. Finally, Oppenheimer raised their target price on shares of McGrath RentCorp from $107.00 to $114.00 and gave the stock an “outperform” rating in a report on Thursday, February 23rd.

Insider Buying and Selling at McGrath RentCorp

In related news, VP Tara Wescott sold 1,200 shares of the business’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $91.31, for a total value of $109,572.00. Following the completion of the sale, the vice president now directly owns 753 shares in the company, valued at approximately $68,756.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Kimberly Ann Box sold 500 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $103.39, for a total transaction of $51,695.00. Following the completion of the transaction, the director now owns 5,800 shares of the company’s stock, valued at approximately $599,662. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Tara Wescott sold 1,200 shares of the business’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $91.31, for a total value of $109,572.00. Following the transaction, the vice president now directly owns 753 shares of the company’s stock, valued at approximately $68,756.43. The disclosure for this sale can be found here. Insiders have sold a total of 13,070 shares of company stock valued at $1,283,830 in the last three months. 2.00% of the stock is currently owned by company insiders.

McGrath RentCorp Price Performance

Shares of MGRC opened at $91.41 on Monday. The company has a market cap of $2.24 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.95 and a beta of 0.78. The firm has a 50-day moving average of $90.56 and a 200-day moving average of $96.22. McGrath RentCorp has a one year low of $73.29 and a one year high of $111.70.

McGrath RentCorp (NASDAQ:MGRC – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The financial services provider reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.28. McGrath RentCorp had a return on equity of 14.82% and a net margin of 22.34%. The firm had revenue of $210.90 million for the quarter, compared to analyst estimates of $201.16 million. During the same quarter in the prior year, the company earned $1.16 earnings per share. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. Analysts expect that McGrath RentCorp will post 4.72 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, April 14th were paid a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Thursday, April 13th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.46. McGrath RentCorp’s dividend payout ratio (DPR) is currently 27.11%.

About McGrath RentCorp

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McGrath RentCorp engages in the provision of business-to-business rental services. It operates through the following segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment is engaged in modular building and portable storage. The TRS-RenTelco segment includes operations for its electronic test equipment.