Principal Financial Group Inc. Buys 2,418 Shares of McGrath RentCorp (NASDAQ:MGRC)

Principal Financial Group Inc. increased its stake in McGrath RentCorp (NASDAQ:MGRCFree Report) by 33.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,667 shares of the financial services provider’s stock after buying an additional 2,418 shares during the period. Principal Financial Group Inc.’s holdings in McGrath RentCorp were worth $1,156,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Arcadia Investment Management Corp MI grew its holdings in McGrath RentCorp by 1.1% in the fourth quarter. Arcadia Investment Management Corp MI now owns 9,607 shares of the financial services provider’s stock worth $1,149,000 after purchasing an additional 100 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in McGrath RentCorp by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 268,391 shares of the financial services provider’s stock worth $32,105,000 after purchasing an additional 5,792 shares during the period. Natixis Advisors L.P. purchased a new stake in McGrath RentCorp in the fourth quarter worth about $4,856,000. Anchor Capital Advisors LLC grew its holdings in McGrath RentCorp by 17.6% in the fourth quarter. Anchor Capital Advisors LLC now owns 10,794 shares of the financial services provider’s stock worth $1,291,000 after purchasing an additional 1,612 shares during the period. Finally, Hamilton Point Investment Advisors LLC grew its holdings in McGrath RentCorp by 1.2% in the fourth quarter. Hamilton Point Investment Advisors LLC now owns 54,485 shares of the financial services provider’s stock worth $6,518,000 after purchasing an additional 650 shares during the period. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $108.98 on Monday. The firm’s 50-day simple moving average is $113.01 and its two-hundred day simple moving average is $115.09. McGrath RentCorp has a fifty-two week low of $87.72 and a fifty-two week high of $130.86. The stock has a market cap of $2.68 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82.

McGrath RentCorp (NASDAQ:MGRCGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.20. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The firm had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. During the same quarter in the prior year, the company posted $0.89 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. Equities research analysts predict that McGrath RentCorp will post 5.05 EPS for the current year.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of McGrath RentCorp in a report on Monday, May 6th. They issued a “hold” rating on the stock.

View Our Latest Research Report on McGrath RentCorp

McGrath RentCorp Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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