JPMorgan Chase & Co. Sells 6,508 Shares of McGrath RentCorp $MGRC

JPMorgan Chase & Co. decreased its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 4.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 158,026 shares of the financial services provider’s stock after selling 6,508 shares during the period. JPMorgan Chase & Co.’s holdings in McGrath RentCorp were worth $18,536,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MGRC. CIBC Bancorp USA Inc. bought a new position in shares of McGrath RentCorp in the third quarter worth about $307,000. Coldstream Capital Management Inc. grew its stake in shares of McGrath RentCorp by 1.2% during the third quarter. Coldstream Capital Management Inc. now owns 18,915 shares of the financial services provider’s stock valued at $2,219,000 after purchasing an additional 227 shares during the last quarter. Danske Bank A S bought a new stake in shares of McGrath RentCorp during the third quarter valued at approximately $47,000. Morningstar Investment Management LLC acquired a new stake in shares of McGrath RentCorp in the third quarter valued at approximately $767,000. Finally, Vision One Management Partners LP increased its holdings in shares of McGrath RentCorp by 1,061.3% in the third quarter. Vision One Management Partners LP now owns 23,412 shares of the financial services provider’s stock valued at $2,746,000 after purchasing an additional 21,396 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Up 0.5%

Shares of MGRC stock opened at $109.44 on Thursday. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $128.41. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 1.08 and a beta of 0.50. The firm has a fifty day moving average of $111.88 and a 200-day moving average of $111.06.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, February 25th. The financial services provider reported $2.02 EPS for the quarter, topping the consensus estimate of $1.74 by $0.28. The business had revenue of $256.76 million for the quarter, compared to the consensus estimate of $254.32 million. McGrath RentCorp had a return on equity of 13.21% and a net margin of 16.55%. Research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th will be given a dividend of $0.495 per share. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.49. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, April 16th. McGrath RentCorp’s payout ratio is 30.55%.

Analysts Set New Price Targets

Several research analysts have issued reports on MGRC shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of McGrath RentCorp in a report on Tuesday, January 27th. Barclays began coverage on McGrath RentCorp in a report on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price target on the stock. Finally, Zacks Research raised McGrath RentCorp from a “strong sell” rating to a “hold” rating in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, McGrath RentCorp currently has an average rating of “Moderate Buy” and an average target price of $141.50.

McGrath RentCorp Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.