McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 45.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,329 shares of the financial services provider’s stock after selling 24,928 shares during the period. Allspring Global Investments Holdings LLC’s holdings in McGrath RentCorp were worth $3,628,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its stake in McGrath RentCorp by 244.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 43,333 shares of the financial services provider’s stock worth $5,183,000 after purchasing an additional 30,737 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of McGrath RentCorp by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,679,998 shares of the financial services provider’s stock worth $268,643,000 after buying an additional 22,273 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at about $25,329,000. UBS Group AG grew its position in shares of McGrath RentCorp by 26.9% during the 3rd quarter. UBS Group AG now owns 61,326 shares of the financial services provider’s stock valued at $6,147,000 after buying an additional 12,981 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new stake in McGrath RentCorp during the third quarter worth about $838,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on McGrath RentCorp in a research note on Saturday. They issued a “hold” rating for the company.

McGrath RentCorp Price Performance

Shares of MGRC opened at $110.39 on Friday. McGrath RentCorp has a 12 month low of $85.97 and a 12 month high of $130.86. The stock has a fifty day moving average price of $121.68 and a 200 day moving average price of $113.02. The company has a market cap of $2.71 billion, a P/E ratio of 15.50, a PEG ratio of 1.58 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, February 21st. The financial services provider reported $1.30 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.07). McGrath RentCorp had a return on equity of 13.63% and a net margin of 20.99%. The firm had revenue of $221.59 million for the quarter, compared to the consensus estimate of $214.43 million. As a group, research analysts anticipate that McGrath RentCorp will post 5.42 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be given a $0.475 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Monday, April 15th. This represents a $1.90 annualized dividend and a yield of 1.72%. McGrath RentCorp’s dividend payout ratio is 26.69%.

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.