McGrath RentCorp (NASDAQ:MGRC) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC increased its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 13,410.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,700 shares of the financial services provider's stock after buying an additional 12,606 shares during the quarter. GAMMA Investing LLC owned about 0.05% of McGrath RentCorp worth $1,415,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Eminence Capital LP acquired a new stake in McGrath RentCorp during the fourth quarter worth about $83,898,000. River Road Asset Management LLC increased its holdings in shares of McGrath RentCorp by 52.1% during the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock worth $212,116,000 after buying an additional 649,567 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of McGrath RentCorp during the 4th quarter valued at approximately $13,179,000. Neumeier Poma Investment Counsel LLC lifted its holdings 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 acquiring an additional 114,626 shares during the last quarter. Finally, Algert Global LLC grew 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 worth $13,269,000 after acquiring an additional 104,348 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

Shares of MGRC traded up $1.15 during midday trading on Monday, hitting $114.90. 13,901 shares of the stock were exchanged, compared to its average volume of 183,429. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The stock has a fifty day simple moving average of $110.41 and a 200 day simple moving average of $114.74. The firm has a market cap of $2.83 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released 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. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same period in the previous year, the company posted $0.93 EPS. McGrath RentCorp's revenue was up 4.0% compared to the same quarter last year. As a group, equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp's payout ratio is presently 20.10%.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, insider Trease Kristina Van sold 2,221 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the insider now owns 6,694 shares of the company's stock, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David M. Whitney sold 500 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $116.01, for a total transaction of $58,005.00. Following the completion of the transaction, the chief accounting officer now owns 8,915 shares of the company's stock, valued at approximately $1,034,229.15. The trade was a 5.31% decrease in their position. 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 corporate insiders.

Analyst Ratings Changes

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

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.