McGrath RentCorp (MGRC) Shares Bought by American International Group Inc.

American International Group Inc. raised its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 8.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,711 shares of the financial services provider’s stock after purchasing an additional 1,175 shares during the quarter. American International Group Inc. owned approximately 0.07% of McGrath RentCorp worth $687,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP increased its position in McGrath RentCorp by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,746,105 shares of the financial services provider’s stock valued at $60,468,000 after purchasing an additional 11,707 shares during the period. State Street Corp raised its stake in McGrath RentCorp by 4.7% during the 2nd quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock worth $18,737,000 after acquiring an additional 24,511 shares during the period. Northern Trust Corp grew its holdings in McGrath RentCorp by 8.9% during the 2nd quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock valued at $17,701,000 after buying an additional 41,984 shares in the last quarter. HCSF Management LLC grew its holdings in McGrath RentCorp by 36.9% during the 2nd quarter. HCSF Management LLC now owns 387,830 shares of the financial services provider’s stock valued at $13,431,000 after buying an additional 104,610 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in McGrath RentCorp by 0.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 362,641 shares of the financial services provider’s stock valued at $15,866,000 after buying an additional 2,607 shares in the last quarter. 82.61% of the stock is currently owned by institutional investors and hedge funds.

MGRC has been the subject of a number of recent research reports. Oppenheimer reissued a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. Zacks Investment Research lowered shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 4th. ValuEngine lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday.

In related news, Director Dennis P. Stradford sold 3,900 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $49.41, for a total value of $192,699.00. Following the completion of the sale, the director now directly owns 5,000 shares in the company, valued at $247,050. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William J. Dawson sold 4,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.83, for a total value of $191,320.00. Following the completion of the sale, the director now owns 15,543 shares of the company’s stock, valued at $743,421.69. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,159 shares of company stock valued at $628,935. 4.60% of the stock is currently owned by insiders.

McGrath RentCorp (MGRC) opened at $47.06 on Friday. McGrath RentCorp has a fifty-two week low of $32.09 and a fifty-two week high of $49.66. The firm has a market cap of $1,130.00, a price-to-earnings ratio of 24.77, a P/E/G ratio of 2.30 and a beta of 1.02.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The firm had revenue of $135.39 million during the quarter, compared to analyst estimates of $124.90 million. During the same period last year, the firm posted $0.54 earnings per share. McGrath RentCorp’s revenue for the quarter was up 11.0% compared to the same quarter last year. analysts anticipate that McGrath RentCorp will post 2.04 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Tuesday, January 16th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 54.74%.

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McGrath RentCorp Profile

McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).

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

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