McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Arizona State Retirement System

Arizona State Retirement System lowered its position in McGrath RentCorp (NASDAQ:MGRC) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,845 shares of the financial services provider’s stock after selling 124 shares during the quarter. Arizona State Retirement System’s holdings in McGrath RentCorp were worth $819,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MGRC. Raymond James & Associates acquired a new position in McGrath RentCorp in the 1st quarter worth $4,262,000. PNC Financial Services Group Inc. acquired a new stake in shares of McGrath RentCorp in the 1st quarter valued at about $168,000. MetLife Investment Management LLC raised its stake in shares of McGrath RentCorp by 59.7% in the 1st quarter. MetLife Investment Management LLC now owns 12,823 shares of the financial services provider’s stock valued at $1,090,000 after purchasing an additional 4,793 shares in the last quarter. Sei Investments Co. raised its stake in shares of McGrath RentCorp by 9.2% in the 1st quarter. Sei Investments Co. now owns 4,685 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 396 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new stake in shares of McGrath RentCorp in the 1st quarter valued at about $201,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 0.5 %

Shares of NASDAQ:MGRC opened at $111.53 on Thursday. McGrath RentCorp has a fifty-two week low of $85.97 and a fifty-two week high of $130.86. The firm has a 50-day simple moving average of $122.46 and a 200 day simple moving average of $112.97. The company has a market cap of $2.73 billion, a PE ratio of 15.66, a P/E/G ratio of 1.60 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.07). McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. The business had revenue of $221.59 million for the quarter, compared to the consensus estimate of $214.43 million. As a group, research analysts forecast that McGrath RentCorp will post 5.42 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be given a $0.475 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, April 15th. This represents a $1.90 annualized dividend and a yield of 1.70%. McGrath RentCorp’s dividend payout ratio is 26.69%.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on shares of McGrath RentCorp in a research note on Friday, April 12th. They issued a “hold” rating on the stock.

McGrath RentCorp Company 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.