Hudson Edge Investment Partners Inc. Acquires 921 Shares of McGrath RentCorp (NASDAQ:MGRC)

Hudson Edge Investment Partners Inc. boosted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 44.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,012 shares of the financial services provider’s stock after purchasing an additional 921 shares during the period. Hudson Edge Investment Partners Inc.’s holdings in McGrath RentCorp were worth $337,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. River Road Asset Management LLC raised its stake in shares of McGrath RentCorp by 68.2% during the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock valued at $131,324,000 after acquiring an additional 505,817 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of McGrath RentCorp by 57.3% during the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock valued at $119,456,000 after acquiring an additional 404,884 shares during the last quarter. Walleye Capital LLC bought a new position in shares of McGrath RentCorp during the third quarter valued at about $15,967,000. Clearline Capital LP bought a new position in shares of McGrath RentCorp during the third quarter valued at about $11,976,000. Finally, FMR LLC raised its stake in shares of McGrath RentCorp by 3,120.0% during the third quarter. FMR LLC now owns 116,791 shares of the financial services provider’s stock valued at $12,296,000 after acquiring an additional 113,164 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

MGRC has been the subject of several recent analyst reports. CJS Securities began coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price objective for the company. Oppenheimer boosted their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Finally, StockNews.com cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Thursday.

Insiders Place Their Bets

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of the company’s 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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC opened at $127.18 on Friday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The company’s 50-day moving average is $117.93 and its 200 day moving average is $113.12. The stock has a market capitalization of $3.12 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.35 and a beta of 0.77.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $243.75 million for the quarter, compared to analysts’ expectations of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. Research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Wednesday, April 16th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio is 20.15%.

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.