Northern Trust Corp Increases Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Northern Trust Corp increased its holdings in McGrath RentCorp (NASDAQ:MGRC) by 8.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 323,439 shares of the financial services provider’s stock after purchasing an additional 25,884 shares during the quarter. Northern Trust Corp’s holdings in McGrath RentCorp were worth $36,167,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Atala Financial Inc acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $31,000. New Age Alpha Advisors LLC acquired a new stake in McGrath RentCorp during the 4th quarter valued at $33,000. Canada Pension Plan Investment Board purchased a new position in McGrath RentCorp during the fourth quarter worth $89,000. KBC Group NV raised its holdings in shares of McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 286 shares during the last quarter. Finally, Xponance Inc. purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at $200,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other McGrath RentCorp news, COO Philip B. Hawkins sold 4,804 shares of the business’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction of $497,550.28. Following the completion of the sale, the chief operating officer now owns 3,150 shares of the company’s stock, valued at approximately $326,245.50. The trade was a 60.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,871 shares of company stock valued at $1,506,731. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $110.18 on Friday. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The company has a market capitalization of $2.71 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The stock has a fifty day moving average of $109.08 and a two-hundred day moving average of $115.27.

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

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.76%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Wednesday, April 16th. McGrath RentCorp’s payout ratio is presently 20.10%.

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.