Engine Capital Management LP Decreases Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Engine Capital Management LP cut its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 95.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,697 shares of the financial services provider's stock after selling 132,492 shares during the period. Engine Capital Management LP's holdings in McGrath RentCorp were worth $637,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MGRC. Deutsche Bank AG increased its holdings in McGrath RentCorp by 84.6% in the 4th quarter. Deutsche Bank AG now owns 75,304 shares of the financial services provider's stock worth $8,420,000 after purchasing an additional 34,518 shares in the last quarter. DC Investments Management LLC acquired a new position in McGrath RentCorp in the 4th quarter worth about $995,000. EP Wealth Advisors LLC lifted its holdings in shares of McGrath RentCorp by 11.0% during the fourth quarter. EP Wealth Advisors LLC now owns 2,416 shares of the financial services provider's stock worth $270,000 after purchasing an additional 239 shares during the period. Eminence Capital LP acquired a new position in shares of McGrath RentCorp during the fourth quarter worth $83,898,000. Finally, CastleKnight Management LP acquired a new position in shares of McGrath RentCorp during the fourth quarter worth $794,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded down $1.79 during trading on Friday, reaching $110.18. 127,934 shares of the stock were exchanged, compared to its average volume of 180,661. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The stock has a fifty day moving average of $109.08 and a two-hundred day moving average of $115.41. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66.

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

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders 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 represents a $1.94 dividend on an annualized basis and a yield of 1.76%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's payout ratio is 20.10%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, VP John P. Skenesky sold 2,500 shares of McGrath RentCorp stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the completion of the transaction, the vice president now owns 8,692 shares in the company, valued at approximately $967,593.44. The trade was a 22.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 of the company's stock, 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. In the last quarter, insiders sold 13,871 shares of company stock worth $1,506,731. Insiders own 1.60% of the company's stock.

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.