Eminence Capital LP Purchases New Position in McGrath RentCorp (NASDAQ:MGRC)

Eminence Capital LP bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 750,298 shares of the financial services provider's stock, valued at approximately $83,898,000. Eminence Capital LP owned 3.06% of McGrath RentCorp as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Atala Financial Inc purchased a new position in shares of McGrath RentCorp in the fourth quarter valued at approximately $31,000. New Age Alpha Advisors LLC acquired a new position in McGrath RentCorp during the 4th quarter worth about $33,000. Canada Pension Plan Investment Board acquired a new stake in McGrath RentCorp during the 4th quarter worth approximately $89,000. KBC Group NV increased its holdings in McGrath RentCorp by 37.3% during the 4th 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 period. Finally, Xponance Inc. purchased a new stake in shares of McGrath RentCorp in the 4th quarter valued at approximately $200,000. Institutional investors own 92.05% of the company's stock.

Analyst Upgrades and Downgrades

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

McGrath RentCorp Trading Up 3.6%

Shares of MGRC stock traded up $3.93 during trading hours on Monday, hitting $114.11. The company's stock had a trading volume of 34,462 shares, compared to its average volume of 180,083. The business has a fifty day moving average of $109.08 and a 200-day moving average of $115.41. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93.

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

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were issued a dividend of $0.485 per share. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date was Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.70%. McGrath RentCorp's payout ratio is 20.10%.

Insider Buying and Selling at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 5,567 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 176,897 shares in the company, valued at approximately $19,262,314.33. This trade represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the director now owns 7,500 shares in the company, valued at $935,175. This represents a 11.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,871 shares of company stock valued at $1,506,731 in the last quarter. Corporate 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.