XTX Topco Ltd Sells 3,705 Shares of McGrath RentCorp (NASDAQ:MGRC)

Key Points

• XTX Topco Ltd has reduced its holdings in McGrath RentCorp by 64.1%, now owning 2,073 shares valued at approximately $231,000.
• McGrath RentCorp reported a quarterly earnings per share (EPS) of $1.46, surpassing analysts' expectations of $1.30, with revenue rising 10.8% year-over-year.
• The company is set to pay a $0.485 quarterly dividend to shareholders, representing an annualized dividend of $1.94 and a yield of 1.6%.

XTX Topco Ltd lessened its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 64.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,073 shares of the financial services provider's stock after selling 3,705 shares during the period. XTX Topco Ltd's holdings in McGrath RentCorp were worth $231,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Investment Advisors Inc. raised its holdings in McGrath RentCorp by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,553 shares of the financial services provider's stock worth $285,000 after acquiring an additional 162 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in McGrath RentCorp by 9.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after buying an additional 174 shares in the last quarter. Hamilton Point Investment Advisors LLC raised its position in McGrath RentCorp by 0.4% in the 1st quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider's stock worth $6,051,000 after buying an additional 192 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in McGrath RentCorp by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock valued at $292,000 after acquiring an additional 209 shares during the period. Finally, Forum Financial Management LP lifted its stake in McGrath RentCorp by 11.2% during the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock valued at $240,000 after acquiring an additional 216 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded up $0.01 during midday trading on Friday, hitting $119.56. 132,189 shares of the stock traded hands, compared to its average volume of 143,890. The firm has a market capitalization of $2.94 billion, a P/E ratio of 11.64, a PEG ratio of 1.26 and a beta of 0.66. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The firm has a 50-day moving average of $118.02 and a two-hundred day moving average of $115.31.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. The company had revenue of $235.62 million during the quarter, compared to analysts' expectations of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. McGrath RentCorp's revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 earnings per share. Equities analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were given a dividend of $0.485 per share. The ex-dividend date was Thursday, July 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.6%. McGrath RentCorp's dividend payout ratio (DPR) is currently 18.89%.

Insiders Place Their Bets

In related news, CEO Joseph F. Hanna sold 14,577 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the sale, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction 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 chief accounting officer directly owned 6,694 shares in the company, valued at approximately $764,521.74. The trade was a 24.91% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,519 shares of company stock worth $2,645,800. Company insiders own 1.40% of the company's stock.

Analyst Ratings Changes

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

McGrath RentCorp Company 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.