McGrath RentCorp (MGRC) Shares Sold by Franklin Resources Inc.
Franklin Resources Inc. decreased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 20.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 898,755 shares of the financial services provider’s stock after selling 232,717 shares during the quarter. Franklin Resources Inc. owned 3.72% of McGrath RentCorp worth $48,956,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. ELM Advisors LLC acquired a new position in McGrath RentCorp during the third quarter worth about $131,000. Panagora Asset Management Inc. raised its stake in McGrath RentCorp by 3,782.1% during the third quarter. Panagora Asset Management Inc. now owns 2,601 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 2,534 shares in the last quarter. Ausdal Financial Partners Inc. acquired a new position in McGrath RentCorp during the second quarter worth about $202,000. Mirador Capital Partners LP acquired a new position in McGrath RentCorp during the second quarter worth about $218,000. Finally, Sterling Capital Management LLC acquired a new position in McGrath RentCorp during the second quarter worth about $218,000. 83.06% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have commented on the company. ValuEngine downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. BidaskClub raised McGrath RentCorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 target price for the company in a research note on Friday, November 2nd. Finally, Berenberg Bank started coverage on McGrath RentCorp in a research note on Wednesday, September 19th. They issued a “buy” rating and a $70.00 price objective for the company.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, October 30th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.11. McGrath RentCorp had a return on equity of 12.61% and a net margin of 35.47%. The company had revenue of $143.10 million during the quarter, compared to the consensus estimate of $139.87 million. During the same quarter in the prior year, the firm posted $0.69 earnings per share. The firm’s revenue was up 5.7% compared to the same quarter last year. Analysts expect that McGrath RentCorp will post 2.95 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Thursday, January 17th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Wednesday, January 16th. McGrath RentCorp’s dividend payout ratio is currently 63.55%.
In other news, VP Keith E. Pratt sold 1,841 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $53.00, for a total value of $97,573.00. Following the completion of the transaction, the vice president now owns 25,382 shares of the company’s stock, valued at $1,345,246. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Lieffrig sold 1,284 shares of the company’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $54.43, for a total value of $69,888.12. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
McGrath RentCorp Company Profile
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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