Dark Forest Capital Management LP Invests $1.79 Million in McGrath RentCorp (NASDAQ:MGRC)

Dark Forest Capital Management LP purchased a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 16,030 shares of the financial services provider's stock, valued at approximately $1,792,000. Dark Forest Capital Management LP owned 0.07% of McGrath RentCorp at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. River Road Asset Management LLC boosted its holdings in McGrath RentCorp by 52.1% in the fourth quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock worth $212,116,000 after acquiring an additional 649,567 shares in the last quarter. Franklin Resources Inc. increased its stake in McGrath RentCorp by 57.3% during the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock valued at $119,456,000 after purchasing an additional 404,884 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth $13,179,000. Neumeier Poma Investment Counsel LLC grew its holdings in shares of McGrath RentCorp by 127.1% during the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider's stock valued at $22,901,000 after buying an additional 114,626 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $9,724,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Price Performance

MGRC stock traded up $0.50 during trading on Monday, hitting $103.87. 28,388 shares of the company traded hands, compared to its average volume of 145,738. The company has a market cap of $2.56 billion, a PE ratio of 11.02, a P/E/G ratio of 1.35 and a beta of 0.62. The stock's 50-day simple moving average is $112.13 and its 200 day simple moving average is $115.31. 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 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. The firm had revenue of $195.42 million for the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. Research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a yield of 1.87%. McGrath RentCorp's dividend payout ratio (DPR) is currently 20.10%.

Analyst Ratings Changes

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

Insider Buying and Selling at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares of the company's stock, valued at approximately $935,175. This represents a 11.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

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.