Bayberry Capital Partners LP Makes New Investment in McGrath RentCorp (NASDAQ:MGRC)

Bayberry Capital Partners LP bought a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 77,000 shares of the financial services provider's stock, valued at approximately $8,610,000. McGrath RentCorp makes up about 3.3% of Bayberry Capital Partners LP's investment portfolio, making the stock its 14th largest position. Bayberry Capital Partners LP owned about 0.31% of McGrath RentCorp at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MGRC. Atala Financial Inc purchased a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $31,000. New Age Alpha Advisors LLC acquired a new position in McGrath RentCorp in the 4th quarter valued at $33,000. Canada Pension Plan Investment Board purchased a new position in shares of McGrath RentCorp during the 4th quarter worth $89,000. KBC Group NV boosted its holdings in shares of McGrath RentCorp by 37.3% during the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after purchasing an additional 286 shares during the last quarter. Finally, Xponance Inc. purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at $200,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the sale, the director now owns 7,500 shares of the company's stock, valued at $935,175. The trade was a 11.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph F. Hanna sold 5,567 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the transaction, the chief executive officer now directly owns 176,897 shares of the company's stock, valued at approximately $19,262,314.33. The trade was a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,371 shares of company stock valued at $1,228,431. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp Stock Down 0.6 %

Shares of MGRC stock traded down $0.60 on Tuesday, reaching $107.90. 120,149 shares of the stock were exchanged, compared to its average volume of 180,018. The stock has a market cap of $2.66 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. The firm has a 50 day moving average of $109.61 and a two-hundred day moving average of $115.24. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. During the same period in the previous year, the company posted $0.93 EPS. The company's revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts predict that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were paid a $0.485 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.80%. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio (DPR) is 20.10%.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday, April 25th.

About McGrath RentCorp

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.