CIBC Private Wealth Group LLC Has $473,000 Holdings in McGrath RentCorp (NASDAQ:MGRC)

CIBC Private Wealth Group LLC decreased its stake in McGrath RentCorp (NASDAQ:MGRC) by 16.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,234 shares of the financial services provider’s stock after selling 849 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in McGrath RentCorp were worth $473,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Atala Financial Inc bought a new position in McGrath RentCorp during the 4th quarter worth approximately $31,000. New Age Alpha Advisors LLC acquired a new stake in McGrath RentCorp in the fourth quarter worth $33,000. KBC Group NV boosted its position in shares of McGrath RentCorp by 37.3% during the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 286 shares in the last quarter. Xponance Inc. acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $200,000. Finally, Empirical Asset Management LLC bought a new stake in shares of McGrath RentCorp in the 4th quarter valued at $207,000. Institutional investors own 92.05% of the company’s stock.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the sale, the director now directly owns 7,500 shares of the company’s stock, valued at $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on MGRC. StockNews.com lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th. CJS Securities began coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price objective on the stock.

McGrath RentCorp Trading Down 1.9 %

MGRC opened at $105.12 on Friday. The stock has a market capitalization of $2.58 billion, a P/E ratio of 11.15, a P/E/G ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The firm’s fifty day simple moving average is $118.20 and its 200 day simple moving average is $115.45.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $243.75 million for the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. On average, equities research analysts predict 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. Shareholders of record on Wednesday, April 16th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a yield of 1.85%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio is 20.57%.

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.