Clearline Capital LP Has $5.35 Million Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Clearline Capital LP reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 57.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,878 shares of the financial services provider's stock after selling 65,878 shares during the period. Clearline Capital LP owned 0.20% of McGrath RentCorp worth $5,354,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Atala Financial Inc acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $31,000. New Age Alpha Advisors LLC acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $33,000. Canada Pension Plan Investment Board acquired a new stake in McGrath RentCorp during the fourth quarter worth about $89,000. KBC Group NV grew its position in 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 buying an additional 286 shares in the last quarter. Finally, Xponance Inc. acquired a new stake in McGrath RentCorp during the fourth quarter worth about $200,000. 92.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

McGrath RentCorp Stock Performance

NASDAQ MGRC traded up $3.56 during trading on Monday, reaching $113.74. 110,146 shares of the company traded hands, compared to its average volume of 180,379. The stock's 50 day moving average price is $109.08 and its two-hundred day moving average price is $115.41. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 12.06, 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 issued its earnings results on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. Equities research analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were given a $0.485 dividend. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.71%. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio is currently 20.10%.

Insiders Place Their Bets

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. This trade represents a 11.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the sale, the vice president now owns 8,692 shares of the company's stock, valued at $967,593.44. This trade represents a 22.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,871 shares of company stock worth $1,506,731. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp 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.