McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 32.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,772 shares of the financial services provider's stock after buying an additional 11,172 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.19% of McGrath RentCorp worth $5,099,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Atala Financial Inc acquired a new position in McGrath RentCorp during the 4th quarter worth $31,000. New Age Alpha Advisors LLC acquired a new position in McGrath RentCorp in the fourth quarter worth about $33,000. Canada Pension Plan Investment Board acquired a new position in McGrath RentCorp in the fourth quarter worth about $89,000. Focus Partners Wealth bought a new stake in McGrath RentCorp in the fourth quarter valued at about $136,000. Finally, State of Wyoming acquired a new stake in McGrath RentCorp during the fourth quarter valued at approximately $159,000. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Down 1.8%

MGRC stock traded down $2.18 during trading on Monday, hitting $115.96. 148,772 shares of the company's stock traded hands, compared to its average volume of 185,586. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 1.23 and a beta of 0.66. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The stock has a fifty day moving average price of $112.22 and a two-hundred day moving average price of $114.25.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.81% and a return on equity of 13.57%. The business had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same quarter in the prior year, the firm earned $0.93 EPS. The company's revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities research analysts expect that McGrath RentCorp will post 6.18 EPS 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. Investors of record on Thursday, July 17th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 20.10%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, CEO Joseph F. Hanna sold 5,567 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the transaction, the chief executive officer directly owned 176,897 shares in the company, valued at $19,262,314.33. This represents a 3.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO David M. Whitney sold 2,221 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the sale, the chief accounting officer owned 6,694 shares in the company, valued at $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. In the last quarter, insiders have sold 18,313 shares of company stock worth $2,005,372. 1.40% of the stock is currently owned by insiders.

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.