Summit Global Investments Makes New $541,000 Investment in McGrath RentCorp (NASDAQ:MGRC)

Summit Global Investments acquired a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 4,857 shares of the financial services provider's stock, valued at approximately $541,000.

Several other large investors have also recently modified their holdings of MGRC. Barclays PLC boosted its position in McGrath RentCorp by 351.6% during the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider's stock valued at $4,269,000 after acquiring an additional 31,575 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of McGrath RentCorp by 4.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider's stock valued at $933,000 after acquiring an additional 357 shares during the period. KBC Group NV grew its position in shares of McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock valued at $118,000 after acquiring an additional 286 shares during the period. One Wealth Advisors LLC boosted its holdings in McGrath RentCorp by 40.1% in the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock worth $1,885,000 after buying an additional 4,824 shares during the period. Finally, Jennison Associates LLC bought a new position in shares of McGrath RentCorp during the 4th quarter valued at about $1,520,000. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insider Buying and Selling at McGrath RentCorp

In related news, 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 transaction of $606,190.63. Following the completion of the sale, the chief executive officer now owns 176,897 shares in the company, valued at $19,262,314.33. This represents a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total transaction of $278,300.00. Following the completion of the sale, the vice president now owns 8,692 shares of the company's stock, valued at $967,593.44. This trade represents a 22.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,871 shares of company stock worth $1,382,041 in the last ninety days. 1.60% of the stock is owned by insiders.

Analyst Ratings Changes

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 Stock Performance

Shares of McGrath RentCorp stock traded down $0.37 during trading on Thursday, hitting $113.62. 91,912 shares of the company's stock were exchanged, compared to its average volume of 183,347. The business has a 50-day simple moving average of $109.40 and a 200-day simple moving average of $115.00. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. The company 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%. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share. On average, equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 annualized dividend and a yield of 1.71%. McGrath RentCorp's payout ratio is 20.10%.

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.