California Public Employees Retirement System lowered its position in McGrath RentCorp (NASDAQ:MGRC) by 13.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,260 shares of the financial services provider’s stock after selling 7,870 shares during the period. California Public Employees Retirement System owned approximately 0.21% of McGrath RentCorp worth $2,587,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGRC. Walthausen & Co. LLC acquired a new stake in McGrath RentCorp during the 3rd quarter valued at $18,024,000. BlackRock Inc. lifted its stake in shares of McGrath RentCorp by 10.7% during the 3rd quarter. BlackRock Inc. now owns 2,425,019 shares of the financial services provider’s stock worth $132,091,000 after purchasing an additional 235,373 shares during the period. Matarin Capital Management LLC purchased a new position in shares of McGrath RentCorp during the 3rd quarter worth $7,564,000. RK Capital Management LLC lifted its stake in shares of McGrath RentCorp by 50.8% during the 3rd quarter. RK Capital Management LLC now owns 220,296 shares of the financial services provider’s stock worth $12,000,000 after purchasing an additional 74,235 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of McGrath RentCorp during the 3rd quarter worth $3,342,000. Institutional investors and hedge funds own 85.16% of the company’s stock.
Shares of MGRC traded up $0.04 during trading hours on Monday, hitting $58.20. The stock had a trading volume of 45,628 shares, compared to its average volume of 96,500. McGrath RentCorp has a 12-month low of $45.85 and a 12-month high of $68.79. The firm has a market capitalization of $1.42 billion, a P/E ratio of 18.59, a price-to-earnings-growth ratio of 1.74 and a beta of 0.70.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th will be paid a dividend of $0.375 per share. The ex-dividend date is Friday, April 12th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.34. This represents a $1.50 annualized dividend and a dividend yield of 2.58%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 43.45%.
In other news, VP Keith E. Pratt sold 3,049 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $60.03, for a total transaction of $183,031.47. Following the completion of the sale, the vice president now directly owns 26,342 shares in the company, valued at $1,581,310.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John P. Skenesky sold 1,719 shares of McGrath RentCorp stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $59.01, for a total value of $101,438.19. Following the completion of the transaction, the vice president now owns 2,992 shares of the company’s stock, valued at $176,557.92. The disclosure for this sale can be found here. Insiders have sold 11,320 shares of company stock valued at $665,357 over the last 90 days. Insiders own 2.00% of the company’s stock.
Several research analysts recently weighed in on the company. BidaskClub raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday, February 8th.
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About McGrath RentCorp
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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