River Road Asset Management LLC Cuts Stake in McGrath RentCorp (NASDAQ:MGRC)

River Road Asset Management LLC lessened its stake in McGrath RentCorp (NASDAQ:MGRC) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 734,269 shares of the financial services provider’s stock after selling 18,844 shares during the period. McGrath RentCorp accounts for approximately 1.2% of River Road Asset Management LLC’s investment portfolio, making the stock its 24th largest holding. River Road Asset Management LLC owned about 3.00% of McGrath RentCorp worth $87,833,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGRC. Morgan Stanley grew its stake in McGrath RentCorp by 687.4% in the fourth quarter. Morgan Stanley now owns 468,790 shares of the financial services provider’s stock valued at $46,288,000 after purchasing an additional 409,256 shares during the last quarter. Norges Bank purchased a new position in McGrath RentCorp in the fourth quarter valued at about $21,376,000. Vaughan Nelson Investment Management L.P. purchased a new position in McGrath RentCorp in the fourth quarter valued at about $25,329,000. Wellington Management Group LLP grew its stake in McGrath RentCorp by 50.7% in the third quarter. Wellington Management Group LLP now owns 621,008 shares of the financial services provider’s stock valued at $62,250,000 after purchasing an additional 208,819 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new position in McGrath RentCorp in the third quarter valued at about $20,606,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded down $0.52 during trading hours on Wednesday, reaching $111.53. The company had a trading volume of 160,595 shares, compared to its average volume of 324,287. McGrath RentCorp has a 1-year low of $85.97 and a 1-year high of $130.86. The firm has a market cap of $2.73 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 1.60 and a beta of 0.80. The business’s 50 day moving average price is $122.81 and its 200-day moving average price is $112.98.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.07). McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. The company had revenue of $221.59 million during the quarter, compared to analyst estimates of $214.43 million. On average, analysts expect that McGrath RentCorp will post 5.42 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th will be paid a $0.475 dividend. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Monday, April 15th. McGrath RentCorp’s dividend payout ratio is currently 26.69%.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on McGrath RentCorp in a report on Friday, April 12th. They set a “hold” rating for the company.

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.