New York State Common Retirement Fund raised its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1,337.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 120,871 shares of the financial services provider's stock after buying an additional 112,463 shares during the period. New York State Common Retirement Fund owned approximately 0.49% of McGrath RentCorp worth $13,465,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. New Age Alpha Advisors LLC bought a new stake in McGrath RentCorp in the fourth quarter valued at about $33,000. Canada Pension Plan Investment Board acquired a new stake in McGrath RentCorp in the fourth quarter valued at $89,000. Focus Partners Wealth acquired a new stake in McGrath RentCorp in the 4th quarter worth about $136,000. State of Wyoming bought a new stake in shares of McGrath RentCorp during the 4th quarter valued at approximately $159,000. Finally, Xponance Inc. bought a new stake in McGrath RentCorp during the 4th quarter worth approximately $200,000. Institutional investors and hedge funds own 92.05% of the company's stock.
Insider Activity at McGrath RentCorp
In other McGrath RentCorp news, insider Trease Kristina Van sold 2,221 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the transaction, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO David M. Whitney sold 2,221 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value 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. Insiders have sold a total of 18,313 shares of company stock worth $2,005,372 over the last 90 days. Corporate insiders own 1.40% of the company's stock.
McGrath RentCorp Stock Performance
Shares of NASDAQ:MGRC opened at $117.11 on Friday. The firm's fifty day moving average is $115.72 and its 200-day moving average is $114.74. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The firm has a market cap of $2.88 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 1.22 and a beta of 0.66.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its 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 company had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a net margin of 25.81% and a return on equity of 13.57%. The firm's quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 earnings per share. Sell-side analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.
McGrath RentCorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 17th will be paid a $0.485 dividend. The ex-dividend date is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.66%. McGrath RentCorp's dividend payout ratio is currently 20.10%.
Analyst Ratings Changes
Separately, Wall Street Zen raised McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th.
Check Out Our Latest Stock Analysis on MGRC
About McGrath RentCorp
(
Free Report)
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.
Further Reading
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