CastleKnight Management LP Invests $794,000 in McGrath RentCorp (NASDAQ:MGRC)

CastleKnight Management LP purchased a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,100 shares of the financial services provider's stock, valued at approximately $794,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in shares of McGrath RentCorp by 1,487.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock valued at $312,000 after buying an additional 2,648 shares during the last quarter. Asset Management One Co. Ltd. purchased a new stake in McGrath RentCorp during the 4th quarter valued at $3,833,000. One Wealth Advisors LLC increased its holdings in shares of McGrath RentCorp by 40.1% in the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock worth $1,885,000 after purchasing an additional 4,824 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of McGrath RentCorp by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock worth $32,819,000 after purchasing an additional 6,238 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of McGrath RentCorp by 351.6% during the third quarter. Barclays PLC now owns 40,555 shares of the financial services provider's stock valued at $4,269,000 after buying an additional 31,575 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 5,567 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was 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 in the company, valued at approximately $19,262,314.33. The trade was a 3.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kimberly Ann Box sold 1,000 shares of the firm's 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 in the company, valued at $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,371 shares of company stock valued at $1,228,431. Insiders own 1.60% of the company's stock.

McGrath RentCorp Trading Down 0.6 %

Shares of MGRC opened at $107.90 on Wednesday. The firm has a fifty day simple moving average of $109.61 and a two-hundred day simple moving average of $115.24. The firm 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. 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 posted its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. The company had revenue of $195.42 million for the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. McGrath RentCorp's revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 earnings per share. As a group, research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

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

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised McGrath RentCorp from a "hold" rating to a "buy" rating in a research report 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.

Want to see what other hedge funds are holding MGRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McGrath RentCorp (NASDAQ:MGRC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.