River Road Asset Management LLC Acquires 649,567 Shares of McGrath RentCorp (NASDAQ:MGRC)

River Road Asset Management LLC grew its holdings in McGrath RentCorp (NASDAQ:MGRC) by 52.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,896,943 shares of the financial services provider’s stock after buying an additional 649,567 shares during the quarter. McGrath RentCorp comprises about 2.8% of River Road Asset Management LLC’s investment portfolio, making the stock its 3rd largest holding. River Road Asset Management LLC owned 0.08% of McGrath RentCorp worth $212,116,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Franklin Resources Inc. boosted its holdings in McGrath RentCorp by 57.3% in 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 purchasing an additional 404,884 shares during the period. Walleye Capital LLC purchased a new position in shares of McGrath RentCorp in the 3rd quarter valued at about $15,967,000. Raymond James Financial Inc. acquired a new position in shares of McGrath RentCorp during the fourth quarter worth about $13,179,000. Clearline Capital LP purchased a new stake in shares of McGrath RentCorp during the third quarter worth approximately $11,976,000. Finally, FMR LLC raised its holdings in McGrath RentCorp by 3,120.0% in 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 in the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Insider Transactions at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, 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 legal filing with the SEC, which is available through this link. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Down 1.8 %

Shares of MGRC opened at $109.99 on Tuesday. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The stock has a 50 day moving average price of $119.18 and a 200 day moving average price of $114.47.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $243.75 million during the quarter, compared to analysts’ expectations of $246.93 million. On average, equities analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be given a dividend of $0.485 per share. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.76%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is 20.57%.

Analysts Set New Price Targets

Several research firms have commented on MGRC. CJS Securities assumed coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target for the company. StockNews.com upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, February 28th. Finally, Oppenheimer increased their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd.

About McGrath RentCorp

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.