TD Asset Management Inc Raises Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Key Points

• TD Asset Management Inc increased its stake in McGrath RentCorp by 10.9%, owning 21,740 shares worth approximately $2.42 million.
• McGrath RentCorp reported an EPS of $1.46 for the last quarter, exceeding expectations, with a revenue of $235.62 million, up 10.8% year-over-year.
• The company declared a quarterly dividend of $0.485 per share, representing a 1.6% dividend yield, with a payout ratio of 18.89%.

TD Asset Management Inc increased its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 10.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,740 shares of the financial services provider's stock after purchasing an additional 2,140 shares during the quarter. TD Asset Management Inc owned 0.09% of McGrath RentCorp worth $2,422,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. boosted its stake in shares of McGrath RentCorp by 11.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider's stock worth $102,610,000 after acquiring an additional 97,290 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of McGrath RentCorp by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock worth $88,198,000 after acquiring an additional 50,674 shares during the last quarter. Eminence Capital LP purchased a new position in shares of McGrath RentCorp during the 4th quarter worth $83,898,000. Victory Capital Management Inc. boosted its stake in shares of McGrath RentCorp by 1.1% during the 1st quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider's stock worth $72,273,000 after acquiring an additional 7,063 shares during the last quarter. Finally, Snyder Capital Management L P boosted its stake in shares of McGrath RentCorp by 25.3% during the 4th quarter. Snyder Capital Management L P now owns 400,250 shares of the financial services provider's stock worth $44,756,000 after acquiring an additional 80,908 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $120.01 on Friday. The company's fifty day simple moving average is $117.01 and its 200-day simple moving average is $115.36. The stock has a market capitalization of $2.95 billion, a PE ratio of 11.69, a P/E/G ratio of 1.24 and a beta of 0.66. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The company's revenue was up 10.8% on a year-over-year basis. During the same period last year, the firm earned $0.84 EPS. As a group, research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

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

Wall Street Analysts Forecast Growth

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 Activity

In other news, insider Trease Kristina Van sold 2,221 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the insider directly owned 6,694 shares in the company, valued at $764,521.74. This trade represents a 24.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the sale, the chief executive officer owned 153,637 shares in the company, valued at $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,519 shares of company stock valued at $2,746,350 over the last 90 days. Company insiders own 1.40% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.