Envestnet Asset Management Inc. Purchases 4,085 Shares of McGrath RentCorp (NASDAQ:MGRC)

Key Points

• Envestnet Asset Management Inc. increased its stake in McGrath RentCorp by 24.7%, owning approximately 20,600 shares worth $2.30 million as of its latest SEC filing.
• McGrath RentCorp reported a quarterly EPS of $1.46, exceeding analysts' estimates of $1.30, with a revenue of $235.62 million, up 10.8% year-over-year.
• The company plans to pay a quarterly dividend of $0.485 per share on July 31st, 2023, resulting in an annualized yield of 1.54%.

Envestnet Asset Management Inc. raised its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 24.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,600 shares of the financial services provider's stock after buying an additional 4,085 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of McGrath RentCorp worth $2,295,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans purchased a new stake in shares of McGrath RentCorp in the fourth quarter worth approximately $563,000. Sei Investments Co. increased its holdings in McGrath RentCorp by 1.8% in 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 last quarter. KLP Kapitalforvaltning AS acquired a new position in McGrath RentCorp in the fourth quarter worth approximately $570,000. Vanguard Group Inc. grew its holdings in 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 valued at $304,836,000 after purchasing an additional 29,467 shares during the last quarter. Finally, Norges Bank acquired a new position in McGrath RentCorp during the fourth quarter valued at approximately $9,724,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

Shares of MGRC traded down $1.63 during mid-day trading on Friday, hitting $123.16. The company's stock had a trading volume of 92,302 shares, compared to its average volume of 145,401. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The firm has a market capitalization of $3.03 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 1.30 and a beta of 0.66. The stock's 50-day moving average is $116.88 and its two-hundred day moving average is $115.34.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results 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. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The company had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. During the same quarter in the previous year, the company earned $0.84 EPS. The firm's revenue for the quarter was up 10.8% compared to the same quarter last year. Analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

Insider Transactions at McGrath RentCorp

In other news, CAO David M. Whitney sold 2,221 shares of the business's 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 chief accounting officer directly owned 6,694 shares in the company, valued at approximately $764,521.74. The trade was a 24.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Trease Kristina Van sold 2,221 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the transaction, the insider owned 6,694 shares of the company's stock, 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. Insiders have sold 22,519 shares of company stock valued at $2,746,350 in the last three months. Company insiders own 1.40% of the company's stock.

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.