Algert Global LLC Purchases 104,348 Shares of McGrath RentCorp (NASDAQ:MGRC)

Algert Global LLC lifted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 729.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 118,660 shares of the financial services provider's stock after purchasing an additional 104,348 shares during the quarter. Algert Global LLC owned 0.48% of McGrath RentCorp worth $13,269,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Alyeska Investment Group L.P. bought a new stake in McGrath RentCorp during the fourth quarter worth about $8,349,000. Nexpoint Asset Management L.P. bought a new position in McGrath RentCorp in the 4th quarter valued at $358,000. Comerica Bank boosted its stake in McGrath RentCorp by 56.2% in the fourth quarter. Comerica Bank now owns 5,377 shares of the financial services provider's stock worth $601,000 after purchasing an additional 1,934 shares in the last quarter. AdvisorShares Investments LLC grew its holdings in shares of McGrath RentCorp by 29.0% during the fourth quarter. AdvisorShares Investments LLC now owns 63,794 shares of the financial services provider's stock worth $7,133,000 after purchasing an additional 14,324 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of McGrath RentCorp by 8.7% in the fourth quarter. Northern Trust Corp now owns 323,439 shares of the financial services provider's stock valued at $36,167,000 after buying an additional 25,884 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Price Performance

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. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The stock has a market cap of $2.66 billion, a PE ratio of 11.44, a P/E/G ratio of 1.35 and a beta of 0.66. The stock has a 50 day moving average price of $109.93 and a 200 day moving average price of $115.29.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, topping 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 firm had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. During the same period in the previous year, the business posted $0.93 EPS. The company's quarterly revenue was up 4.0% compared to the same quarter last year. On average, research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were paid a dividend of $0.485 per share. The ex-dividend date of this dividend was Wednesday, April 16th. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.80%. McGrath RentCorp's payout ratio is 20.10%.

Insider Activity at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was 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. This trade represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of McGrath RentCorp stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $108.89, for a total value of $606,190.63. Following the transaction, the chief executive officer now owns 176,897 shares in the company, valued at $19,262,314.33. This trade represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,371 shares of company stock worth $1,228,431. 1.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Company 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.