Charles Schwab Investment Management Inc. Purchases 6,238 Shares of McGrath RentCorp (NASDAQ:MGRC)

Charles Schwab Investment Management Inc. boosted its position in McGrath RentCorp (NASDAQ:MGRC) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 293,499 shares of the financial services provider’s stock after acquiring an additional 6,238 shares during the period. Charles Schwab Investment Management Inc.’s holdings in McGrath RentCorp were worth $32,819,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. KBC Group NV boosted its holdings in shares of McGrath RentCorp by 32.5% during the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 188 shares during the period. Millburn Ridgefield Corp bought a new position in McGrath RentCorp during the 3rd quarter valued at approximately $203,000. Empirical Asset Management LLC purchased a new stake in McGrath RentCorp in the 4th quarter worth approximately $207,000. Point72 DIFC Ltd bought a new stake in shares of McGrath RentCorp in the 3rd quarter worth approximately $238,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of McGrath RentCorp by 1,487.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after buying an additional 2,648 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Up 3.6 %

MGRC opened at $113.56 on Monday. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The stock has a market cap of $2.79 billion, a PE ratio of 12.04, a PEG ratio of 1.35 and a beta of 0.75. The business has a 50 day moving average of $119.18 and a 200-day moving average of $114.56.

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

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be paid a dividend of $0.485 per share. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 annualized dividend and a yield of 1.71%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is presently 20.57%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MGRC shares. CJS Securities assumed coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target for the company. StockNews.com cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday. Finally, 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.

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.