McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management Inc. significantly increased its stake in McGrath RentCorp by 3,944.3%, acquiring an additional 2,761 shares, bringing its total holdings to 2,831 shares valued at $315,000.
• McGrath RentCorp reported a quarterly earnings per share (EPS) of $1.46, beating the estimated $1.30, with a net margin of 26.81% and a revenue of $235.62 million.
• The company announced a quarterly dividend of $0.485 per share, reflecting an annualized yield of 1.52%, with the ex-dividend date set for July 17th.

Meeder Asset Management Inc. lifted its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 3,944.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,831 shares of the financial services provider's stock after buying an additional 2,761 shares during the quarter. Meeder Asset Management Inc.'s holdings in McGrath RentCorp were worth $315,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MGRC. Eminence Capital LP purchased a new stake in McGrath RentCorp in the fourth quarter valued at approximately $83,898,000. New York State Common Retirement Fund grew its holdings in McGrath RentCorp by 1,337.6% in the first quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider's stock valued at $13,465,000 after purchasing an additional 112,463 shares during the period. Algert Global LLC lifted its position in McGrath RentCorp by 729.1% during the fourth quarter. Algert Global LLC now owns 118,660 shares of the financial services provider's stock valued at $13,269,000 after buying an additional 104,348 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in McGrath RentCorp by 11.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider's stock valued at $102,610,000 after buying an additional 97,290 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in McGrath RentCorp by 7.9% during the fourth quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock valued at $134,091,000 after buying an additional 87,329 shares in the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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.

McGrath RentCorp Price Performance

MGRC stock traded down $4.78 during midday trading on Friday, reaching $120.01. 238,995 shares of the company's stock traded hands, compared to its average volume of 116,646. The company has a market capitalization of $2.95 billion, a P/E ratio of 11.69, a PEG ratio of 1.29 and a beta of 0.66. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The business has a 50-day moving average price of $117.01 and a two-hundred day moving average price of $115.38.

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

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, July 17th. McGrath RentCorp's payout ratio is presently 18.89%.

Insider Activity

In other 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 transaction of $1,844,719.35. Following the transaction, the chief executive officer directly owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO David M. Whitney sold 2,221 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,519 shares of company stock valued at $2,746,350. 1.40% of the stock is currently owned by company insiders.

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.