3,140 Shares in McGrath RentCorp (NASDAQ:MGRC) Purchased by Alps Advisors Inc.

Alps Advisors Inc. bought a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,140 shares of the financial services provider's stock, valued at approximately $350,000.

Several other institutional investors have also modified their holdings of MGRC. New Age Alpha Advisors LLC acquired a new stake in McGrath RentCorp in the fourth quarter valued at $33,000. Canada Pension Plan Investment Board purchased a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $89,000. Focus Partners Wealth acquired a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $136,000. State of Wyoming acquired a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $159,000. Finally, Xponance Inc. purchased a new position in McGrath RentCorp during the 4th quarter worth approximately $200,000. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Stock Down 2.7%

NASDAQ:MGRC traded down $3.19 during midday trading on Friday, reaching $113.92. The stock had a trading volume of 108,502 shares, compared to its average volume of 184,874. The stock has a market cap of $2.80 billion, a P/E ratio of 11.81, a P/E/G ratio of 1.19 and a beta of 0.66. The firm has a fifty day simple moving average of $115.80 and a two-hundred day simple moving average of $114.77. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.13. The company 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 13.57% and a net margin of 25.81%. The firm's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. On average, sell-side analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp's dividend payout ratio is currently 20.10%.

Insiders Place Their Bets

In other news, CAO David M. Whitney sold 2,221 shares of McGrath RentCorp stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the chief accounting officer owned 6,694 shares of the company's stock, valued at approximately $764,521.74. The trade was a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Philip B. Hawkins sold 4,804 shares of the company's stock in a transaction that occurred on 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 directly owned 3,150 shares of the company's stock, valued at approximately $326,245.50. This represents a 60.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,313 shares of company stock worth $2,005,372. Corporate insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

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.