Envestnet Asset Management Inc. Grows Position in McGrath RentCorp (NASDAQ:MGRC)

Envestnet Asset Management Inc. lifted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 37.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,515 shares of the financial services provider's stock after purchasing an additional 4,524 shares during the period. Envestnet Asset Management Inc. owned 0.07% of McGrath RentCorp worth $1,847,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Atala Financial Inc bought a new position in McGrath RentCorp during the 4th quarter worth approximately $31,000. New Age Alpha Advisors LLC bought a new position in McGrath RentCorp during the fourth quarter worth $33,000. KBC Group NV lifted its holdings in McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after buying an additional 286 shares during the period. Xponance Inc. acquired a new position in McGrath RentCorp in the fourth quarter valued at $200,000. Finally, Empirical Asset Management LLC bought a new stake in McGrath RentCorp during the fourth quarter valued at $207,000. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock traded up $2.85 on Friday, reaching $110.22. 30,277 shares of the company's stock were exchanged, compared to its average volume of 178,466. The firm's 50-day moving average is $110.58 and its two-hundred day moving average is $115.19. The company has a market capitalization of $2.71 billion, a P/E ratio of 11.69, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93.

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

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.76%. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Wednesday, April 16th. McGrath RentCorp's payout ratio is presently 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.

Insider Buying and Selling

In other news, Director Kimberly Ann Box sold 1,000 shares of the business'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 directly owns 7,500 shares of the company's stock, valued at $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Philip B. Hawkins sold 4,804 shares of the company's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction of $497,550.28. Following the completion of the sale, the chief operating officer now owns 3,150 shares in the company, valued at $326,245.50. This represents a 60.40 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

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.