9,465 Shares in McGrath RentCorp (NASDAQ:MGRC) Acquired by Allianz Asset Management GmbH

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 bought a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,465 shares of the financial services provider's stock, valued at approximately $1,054,000.

Other institutional investors have also recently made changes to their positions in the company. New Age Alpha Advisors LLC acquired a new position in shares of McGrath RentCorp during the fourth quarter valued at about $33,000. Canada Pension Plan Investment Board purchased a new position in McGrath RentCorp in the 4th quarter valued at approximately $89,000. Focus Partners Wealth purchased a new position in McGrath RentCorp in the fourth quarter worth $136,000. State of Wyoming purchased a new position in McGrath RentCorp in the fourth quarter worth $159,000. Finally, Teza Capital Management LLC purchased a new position in McGrath RentCorp in the fourth quarter worth $213,000. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Activity at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 14,577 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the completion of the transaction, the chief executive officer directly owned 153,637 shares of the company's stock, valued at $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Trease Kristina Van sold 2,221 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the transaction, the insider directly 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 disclosure for this sale can be found here. Insiders sold 22,519 shares of company stock valued at $2,746,350 in the last three months. Corporate insiders own 1.40% of the company's stock.

McGrath RentCorp Stock Up 0.4%

Shares of NASDAQ:MGRC traded up $0.51 during midday trading on Monday, hitting $120.52. 19,874 shares of the stock traded hands, compared to its average volume of 145,554. The stock has a market capitalization of $2.97 billion, a PE ratio of 11.73, a P/E/G ratio of 1.24 and a beta of 0.66. The business's 50 day moving average is $117.01 and its two-hundred day moving average is $115.34. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

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

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Thursday, July 17th. McGrath RentCorp's dividend payout ratio is presently 18.89%.

Wall Street Analysts Forecast Growth

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

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.