McGrath RentCorp (NASDAQ:MGRC) Shares Sold by GABELLI & Co INVESTMENT ADVISERS INC.

GABELLI & Co INVESTMENT ADVISERS INC. lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 27.6% during the fourth quarter, HoldingsChannel reports. The firm owned 20,771 shares of the financial services provider’s stock after selling 7,900 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in McGrath RentCorp were worth $2,323,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Atala Financial Inc bought a new stake in shares of McGrath RentCorp in the 4th quarter worth about $31,000. New Age Alpha Advisors LLC bought a new position in shares of McGrath RentCorp during the fourth quarter worth about $33,000. KBC Group NV lifted its position in McGrath RentCorp by 37.3% in the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock valued at $118,000 after purchasing 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 stake in shares of McGrath RentCorp during the fourth quarter valued at approximately $207,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Stock Up 2.3 %

MGRC opened at $106.79 on Tuesday. The business has a fifty day simple moving average of $115.26 and a 200-day simple moving average of $115.45. The firm has a market cap of $2.62 billion, a PE ratio of 11.32, a P/E/G ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $243.75 million during the quarter, compared to analysts’ expectations of $246.93 million. On average, equities research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.82%. McGrath RentCorp’s dividend payout ratio (DPR) is 20.57%.

Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares of the company’s stock, valued at approximately $935,175. The trade was a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday, March 14th.

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.