KLP Kapitalforvaltning AS Acquires 5,200 Shares of McGrath RentCorp (NASDAQ:MGRC)

Key Points

• KLP Kapitalforvaltning AS increased its stake in McGrath RentCorp by 102% in Q1, bringing its total holdings to 10,300 shares, valued at approximately $1.15 million.
• McGrath RentCorp reported Q2 earnings of $1.46 per share, surpassing analysts' expectations, with revenue of $235.62 million, up 10.8% year-over-year.
• The company announced a quarterly dividend of $0.485 per share, equating to an annualized yield of 1.56%, with the ex-dividend date set for July 17th.

KLP Kapitalforvaltning AS lifted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 102.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,300 shares of the financial services provider's stock after purchasing an additional 5,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in McGrath RentCorp were worth $1,147,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MGRC. New Age Alpha Advisors LLC bought a new position in McGrath RentCorp during the 4th quarter valued at about $33,000. Canada Pension Plan Investment Board acquired a new position in McGrath RentCorp during the fourth quarter valued at approximately $89,000. Focus Partners Wealth bought a new position in McGrath RentCorp in the fourth quarter valued at approximately $136,000. State of Wyoming bought a new position in McGrath RentCorp in the fourth quarter valued at approximately $159,000. Finally, Xponance Inc. bought a new position in McGrath RentCorp in the fourth quarter valued at approximately $200,000. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded down $1.06 during mid-day trading on Thursday, hitting $125.21. The company had a trading volume of 43,575 shares, compared to its average volume of 144,775. The firm has a fifty day moving average price of $116.68 and a 200 day moving average price of $115.27. The company has a market capitalization of $3.08 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.32 and a beta of 0.66. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.16. The company had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The firm's quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 EPS. Research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp's payout ratio is 18.89%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, insider Trease Kristina Van sold 2,221 shares of the 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 transaction, the insider directly owned 6,694 shares in the company, valued at $764,521.74. This trade represents a 24.91% 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, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction that occurred on 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 transaction, the vice president owned 8,692 shares in the company, valued at $967,593.44. This represents a 22.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,942 shares of company stock valued at $901,631 over the last three months. 1.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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.