Jennison Associates LLC Has $1.94 Million Position in McGrath RentCorp (NASDAQ:MGRC)

Jennison Associates LLC boosted its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 28.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,410 shares of the financial services provider's stock after purchasing an additional 3,819 shares during the quarter. Jennison Associates LLC owned about 0.07% of McGrath RentCorp worth $1,939,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGRC. New Age Alpha Advisors LLC bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $33,000. Canada Pension Plan Investment Board bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $89,000. Focus Partners Wealth bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $136,000. State of Wyoming bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $159,000. Finally, Xponance Inc. bought a new stake in McGrath RentCorp during the fourth quarter worth about $200,000. 92.05% of the stock is owned by institutional investors.

Insider Activity

In other McGrath RentCorp news, COO Philip B. Hawkins sold 4,804 shares of the business's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction of $497,550.28. Following the completion of the transaction, the chief operating officer owned 3,150 shares of the company's stock, valued at approximately $326,245.50. The trade was a 60.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Trease Kristina Van sold 2,221 shares of the company'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 value of $253,660.41. Following the completion of the transaction, the insider directly owned 6,694 shares of the company's stock, valued at $764,521.74. This represents a 24.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,313 shares of company stock valued at $2,005,372. Corporate insiders own 1.40% of the company's stock.

McGrath RentCorp Price Performance

MGRC traded up $0.99 on Thursday, hitting $116.04. 40,905 shares of the stock were exchanged, compared to its average volume of 144,121. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The business has a 50-day moving average of $115.79 and a two-hundred day moving average of $114.82. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.19 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping the consensus estimate of $1.02 by $0.13. The firm 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 business's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 earnings per share. Equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp's payout ratio is 20.10%.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of 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.