Polar Asset Management Partners Inc. Makes New Investment in McGrath RentCorp (NASDAQ:MGRC)

Polar Asset Management Partners Inc. purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 32,700 shares of the financial services provider's stock, valued at approximately $3,657,000. Polar Asset Management Partners Inc. owned about 0.13% of McGrath RentCorp as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MGRC. Mackenzie Financial Corp acquired a new position in McGrath RentCorp during the fourth quarter worth $400,000. Forum Financial Management LP increased its holdings in shares of McGrath RentCorp by 11.2% during the fourth quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after buying an additional 216 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of McGrath RentCorp by 13.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 73,289 shares of the financial services provider's stock valued at $8,195,000 after acquiring an additional 8,500 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of McGrath RentCorp by 24.2% in the 4th quarter. Squarepoint Ops LLC now owns 14,624 shares of the financial services provider's stock worth $1,635,000 after acquiring an additional 2,851 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in McGrath RentCorp by 30.2% during the 4th quarter. Two Sigma Advisers LP now owns 136,662 shares of the financial services provider's stock valued at $15,282,000 after purchasing an additional 31,700 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $111.32, for a total value of $278,300.00. Following the transaction, the vice president now directly owns 8,692 shares of the company's stock, valued at approximately $967,593.44. This trade represents a 22.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph F. Hanna sold 5,567 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total value of $606,190.63. Following the completion of the transaction, the chief executive officer now directly owns 176,897 shares in the company, valued at approximately $19,262,314.33. This trade represents a 3.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,871 shares of company stock worth $1,382,041 over the last 90 days. 1.60% of the stock is owned by insiders.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded down $0.62 during trading on Friday, reaching $112.74. The company had a trading volume of 109,133 shares, compared to its average volume of 182,502. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The business's 50 day moving average price is $109.36 and its 200-day moving average price is $115.07. The stock has a market cap of $2.77 billion, a PE ratio of 11.96, a PEG ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.13. The firm had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. McGrath RentCorp's revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 EPS. Equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

About McGrath RentCorp

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.