Allianz Asset Management GmbH Makes New Investment in McGrath RentCorp (NASDAQ:MGRC)

Key Points

• Allianz Asset Management GmbH acquired 9,465 shares of McGrath RentCorp (NASDAQ:MGRC), valued at approximately $1,054,000, during the 1st quarter.
• Recent insider trading saw CAO David M. Whitney and another insider each sell 2,221 shares at an average price of $114.21, decreasing their ownership by 24.91%.
• Analysts upgraded McGrath RentCorp from a "hold" to a "buy" rating, and the company recently reported quarterly earnings of $1.46 EPS, exceeding expectations.

Allianz Asset Management GmbH purchased a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,465 shares of the financial services provider's stock, valued at approximately $1,054,000.

Several other large investors also recently modified their holdings of the business. Thrivent Financial for Lutherans acquired a new position in shares of McGrath RentCorp during the fourth quarter worth about $563,000. Sei Investments Co. boosted its position in shares of McGrath RentCorp by 1.8% during the fourth quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider's stock worth $1,182,000 after buying an additional 184 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of McGrath RentCorp during the fourth quarter worth about $570,000. Vanguard Group Inc. boosted its position in shares of McGrath RentCorp by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock worth $304,836,000 after buying an additional 29,467 shares during the period. Finally, Norges Bank acquired a new position in shares of McGrath RentCorp during the fourth quarter worth about $9,724,000. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Stock Performance

NASDAQ MGRC traded down $4.78 during trading hours on Friday, hitting $120.01. 238,995 shares of the company traded hands, compared to its average volume of 116,646. The business's 50-day moving average is $117.01 and its 200-day moving average is $115.38. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 1.29 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The company had revenue of $235.62 million during the quarter, compared to analysts' expectations of $220.71 million. During the same period last year, the firm posted $0.84 earnings per share. The business's revenue was up 10.8% on a year-over-year basis. Analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th were paid a dividend of $0.485 per share. The ex-dividend date was Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.6%. McGrath RentCorp's dividend payout ratio (DPR) is 18.89%.

Insider Transactions at McGrath RentCorp

In other news, VP John P. Skenesky sold 2,500 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the transaction, the vice president owned 8,692 shares in the company, valued at approximately $967,593.44. This trade represents a 22.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph F. Hanna sold 14,577 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the transaction, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,519 shares of company stock worth $2,746,350 in the last ninety days. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised McGrath RentCorp from a "hold" rating to a "buy" rating in a research 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.