McGrath RentCorp (NASDAQ:MGRC) Holdings Boosted by Dakota Wealth Management

Dakota Wealth Management increased its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 61.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,875 shares of the financial services provider's stock after buying an additional 3,744 shares during the quarter. Dakota Wealth Management's holdings in McGrath RentCorp were worth $1,100,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in MGRC. Eminence Capital LP purchased a new position in shares of McGrath RentCorp in the 4th quarter worth $83,898,000. Raymond James Financial Inc. purchased a new position in McGrath RentCorp in the fourth quarter valued at about $13,179,000. Neumeier Poma Investment Counsel LLC raised its position in McGrath RentCorp by 127.1% in the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider's stock valued at $22,901,000 after purchasing an additional 114,626 shares during the period. New York State Common Retirement Fund raised its position in McGrath RentCorp by 1,337.6% in the first quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider's stock valued at $13,465,000 after purchasing an additional 112,463 shares during the period. Finally, Algert Global LLC raised its position in McGrath RentCorp by 729.1% in the fourth quarter. Algert Global LLC now owns 118,660 shares of the financial services provider's stock valued at $13,269,000 after purchasing an additional 104,348 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity at McGrath RentCorp

In other news, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the completion of the sale, the vice president directly owned 8,692 shares in the company, valued at $967,593.44. This trade represents a 22.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of McGrath RentCorp stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $108.89, for a total value of $606,190.63. Following the completion of the transaction, the chief executive officer owned 176,897 shares of the company's stock, valued at $19,262,314.33. This trade represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,313 shares of company stock valued at $2,005,372. 1.40% of the stock is currently owned by insiders.

McGrath RentCorp Trading Down 0.2%

NASDAQ:MGRC traded down $0.28 during mid-day trading on Thursday, hitting $117.11. The company had a trading volume of 89,677 shares, compared to its average volume of 184,632. The business has a fifty day simple moving average of $115.62 and a 200-day simple moving average of $114.70. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.22 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a return on equity of 13.57% and a net margin of 25.81%. The company's revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. As a group, research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.66%. McGrath RentCorp's dividend payout ratio is presently 20.10%.

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.