3,578 Shares in McGrath RentCorp (NASDAQ:MGRC) Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp purchased a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 3,578 shares of the financial services provider's stock, valued at approximately $400,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Atala Financial Inc bought a new position in shares of McGrath RentCorp in the 4th quarter valued at $31,000. New Age Alpha Advisors LLC bought a new position in shares of McGrath RentCorp in the 4th quarter valued at $33,000. Canada Pension Plan Investment Board bought a new position in shares of McGrath RentCorp in the 4th quarter valued at $89,000. KBC Group NV increased its stake in shares of McGrath RentCorp by 37.3% in the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after purchasing an additional 286 shares during the last quarter. Finally, Focus Partners Wealth bought a new position in shares of McGrath RentCorp in the 4th quarter valued at $136,000. Institutional investors own 92.05% of the company's stock.

Analysts Set New Price Targets

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 Price Performance

NASDAQ MGRC traded up $0.62 during trading hours on Friday, reaching $114.24. The company's stock had a trading volume of 140,135 shares, compared to its average volume of 184,023. The firm has a fifty day simple moving average of $109.43 and a 200-day simple moving average of $114.97. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The stock has a market cap of $2.81 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating 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 net margin of 25.44% and a return on equity of 13.68%. The company's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 earnings per share. On average, research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be given a $0.485 dividend. The ex-dividend date is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.70%. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.10%.

Insider Buying and Selling at McGrath RentCorp

In other news, insider Trease Kristina Van sold 500 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $116.01, for a total value of $58,005.00. Following the transaction, the insider now directly owns 8,915 shares of the company's stock, valued at $1,034,229.15. The trade was a 5.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO David M. Whitney sold 2,221 shares of the business's stock in a transaction dated 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 chief accounting officer now directly owns 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,313 shares of company stock worth $2,005,372. Insiders own 1.60% of the company's stock.

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.