Neumeier Poma Investment Counsel LLC Purchases 3,440 Shares of McGrath RentCorp (NASDAQ:MGRC)

Key Points

• Neumeier Poma Investment Counsel LLC increased its stake in McGrath RentCorp by 1.7%, acquiring an additional 3,440 shares, bringing its total holdings to 208,246 shares worth approximately $23.2 million.
• CEO Joseph F. Hanna sold 14,577 shares of the company's stock for over $1.84 million, reducing his ownership by 8.67%.
• McGrath RentCorp reported a quarterly EPS of $1.46, exceeding estimates, and declared a dividend of $0.485 per share, with a yield of 1.6%.

Neumeier Poma Investment Counsel LLC lifted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 208,246 shares of the financial services provider's stock after purchasing an additional 3,440 shares during the quarter. McGrath RentCorp accounts for approximately 2.5% of Neumeier Poma Investment Counsel LLC's holdings, making the stock its 19th biggest holding. Neumeier Poma Investment Counsel LLC owned approximately 0.85% of McGrath RentCorp worth $23,199,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in McGrath RentCorp in the fourth quarter valued at about $89,000. Focus Partners Wealth acquired a new stake in shares of McGrath RentCorp in the 4th quarter valued at approximately $136,000. State of Wyoming acquired a new stake in McGrath RentCorp during the 4th quarter worth $159,000. Teza Capital Management LLC acquired a new position in shares of McGrath RentCorp in the fourth quarter valued at approximately $213,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of McGrath RentCorp by 9.1% in the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after purchasing an additional 174 shares in the last quarter. Institutional investors own 92.05% 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.

Insider Transactions at McGrath RentCorp

In other news, insider Trease Kristina Van sold 2,221 shares of McGrath RentCorp stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the sale, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the sale, the chief executive officer directly owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,519 shares of company stock valued at $2,645,800. Corporate insiders own 1.40% of the company's stock.

McGrath RentCorp Trading Up 0.2%

NASDAQ:MGRC traded up $0.20 during trading hours on Monday, hitting $118.10. 42,834 shares of the company were exchanged, compared to its average volume of 143,817. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 1.22 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 company has a fifty day simple moving average of $117.55 and a 200 day simple moving average of $115.27.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations of $220.71 million. During the same period last year, the company posted $0.84 earnings per share. The business's quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

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.