GAMMA Investing LLC Raises Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

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

Several other institutional investors and hedge funds have also recently modified their holdings of MGRC. Allspring Global Investments Holdings LLC raised its stake in shares of McGrath RentCorp by 1,487.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock valued at $312,000 after acquiring an additional 2,648 shares in the last quarter. Asset Management One Co. Ltd. bought a new position in McGrath RentCorp in the fourth quarter worth approximately $3,833,000. Rhumbline Advisers raised its stake in McGrath RentCorp by 0.8% in the fourth quarter. Rhumbline Advisers now owns 44,581 shares of the financial services provider's stock worth $4,985,000 after buying an additional 366 shares in the last quarter. New York State Common Retirement Fund raised its stake in McGrath RentCorp by 12.0% in the fourth quarter. New York State Common Retirement Fund now owns 8,408 shares of the financial services provider's stock worth $940,000 after buying an additional 900 shares in the last quarter. Finally, Hudson Edge Investment Partners Inc. raised its stake in McGrath RentCorp by 44.0% in the fourth quarter. Hudson Edge Investment Partners Inc. now owns 3,012 shares of the financial services provider's stock worth $337,000 after buying an additional 921 shares in the last quarter. Institutional investors own 92.05% of the company's stock.

Analyst Upgrades and Downgrades

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

McGrath RentCorp Trading Up 1.5%

Shares of MGRC traded up $1.64 during midday trading on Wednesday, hitting $114.16. 170,741 shares of the company's stock traded hands, compared to its average volume of 184,709. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The firm's fifty day moving average is $110.88 and its 200-day moving average is $114.65. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.17 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.57% and a net margin of 25.81%. The firm had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. During the same quarter in the prior year, the business posted $0.93 EPS. The business's revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be issued a dividend of $0.485 per share. The ex-dividend date is Thursday, July 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.70%. McGrath RentCorp's dividend payout ratio is presently 20.10%.

Insider Activity

In related news, CAO David M. Whitney sold 500 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $116.01, for a total value of $58,005.00. Following the completion of the transaction, the chief accounting officer now owns 8,915 shares in the company, valued at $1,034,229.15. This trade represents a 5.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Philip B. Hawkins sold 4,804 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $103.57, for a total value of $497,550.28. Following the completion of the transaction, the chief operating officer now owns 3,150 shares of the company's stock, valued at $326,245.50. This trade represents a 60.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,313 shares of company stock worth $2,005,372. Insiders own 1.40% of the company's stock.

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.