Swedbank AB Purchases 75,000 Shares of McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB boosted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 30.0% during the fourth quarter, HoldingsChannel reports. The fund owned 325,000 shares of the financial services provider’s stock after purchasing an additional 75,000 shares during the quarter. Swedbank AB’s holdings in McGrath RentCorp were worth $36,342,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. KBC Group NV lifted its holdings in McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after buying an additional 188 shares during the period. Covestor Ltd lifted its stake in shares of McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 161 shares during the period. Millburn Ridgefield Corp bought a new stake in shares of McGrath RentCorp in the 3rd quarter valued at $203,000. Empirical Asset Management LLC acquired a new position in McGrath RentCorp in the fourth quarter valued at $207,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on MGRC. StockNews.com upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Oppenheimer boosted their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target for the company.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the completion of the transaction, the chief executive officer now owns 155,409 shares in the company, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Stock Performance

MGRC stock opened at $124.31 on Friday. The business has a 50-day simple moving average of $117.30 and a two-hundred day simple moving average of $111.68. The company has a market capitalization of $3.05 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.48 and a beta of 0.77. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be issued a dividend of $0.475 per share. The ex-dividend date is Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.53%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.77%.

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.