Premier Fund Managers Ltd Invests $428,000 in McGrath RentCorp (NASDAQ:MGRC)

Key Points

• Premier Fund Managers Ltd acquired 3,768 shares of McGrath RentCorp, valued at approximately $428,000, indicating institutional interest in the company.
• Insiders sold a total of 13,509 shares worth over $1.5 million within the last ninety days, reflecting changes in ownership dynamics.
• McGrath RentCorp's stock received a ratings upgrade from "hold" to "buy" by Wall Street Zen, suggesting potential for growth.

Premier Fund Managers Ltd acquired a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,768 shares of the financial services provider's stock, valued at approximately $428,000.

A number of other hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new position in shares of McGrath RentCorp in the 1st quarter valued at about $1,328,000. BNP Paribas Financial Markets raised its position in McGrath RentCorp by 29.8% during the fourth quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock valued at $1,834,000 after acquiring an additional 3,767 shares in the last quarter. Ameriprise Financial Inc. raised its position in McGrath RentCorp by 35.8% during the fourth quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider's stock valued at $1,387,000 after acquiring an additional 3,272 shares in the last quarter. Nuveen Asset Management LLC raised its position in McGrath RentCorp by 11.6% during the fourth quarter. Nuveen Asset Management LLC now owns 97,441 shares of the financial services provider's stock valued at $10,896,000 after acquiring an additional 10,107 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its position in McGrath RentCorp by 32.3% during the first quarter. Asset Management One Co. Ltd. now owns 45,772 shares of the financial services provider's stock valued at $5,099,000 after acquiring an additional 11,172 shares in the last quarter. 92.05% of the stock is 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 traded down $4.78 during midday trading on Friday, hitting $120.01. 238,995 shares of the company's stock traded hands, compared to its average volume of 116,646. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The stock's fifty day simple moving average is $117.01 and its 200-day simple moving average is $115.38. The company has a market cap of $2.95 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.29 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The company had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. During the same quarter last year, the company posted $0.84 earnings per share. The company's revenue for the quarter was up 10.8% compared to the same quarter last year. On average, research analysts expect 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 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 was Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 18.89%.

Insider Buying and Selling

In other news, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction 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 sale, the vice president owned 8,692 shares in the company, 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 SEC, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,519 shares of company stock worth $2,746,350. 1.40% of the stock is currently owned by company insiders.

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.