TD Asset Management Inc Buys 2,140 Shares of 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 raised its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 10.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 about 0.09% of McGrath RentCorp worth $2,422,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MGRC. Teacher Retirement System of Texas purchased a new stake in McGrath RentCorp in the 1st quarter worth about $1,328,000. BNP Paribas Financial Markets grew its holdings in McGrath RentCorp by 29.8% in the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock valued at $1,834,000 after buying an additional 3,767 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in McGrath RentCorp by 35.8% in the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider's stock valued at $1,387,000 after buying an additional 3,272 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of McGrath RentCorp by 11.6% in the 4th quarter. Nuveen Asset Management LLC now owns 97,441 shares of the financial services provider's stock worth $10,896,000 after acquiring an additional 10,107 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in shares of McGrath RentCorp by 32.3% during the 1st quarter. Asset Management One Co. Ltd. now owns 45,772 shares of the financial services provider's stock worth $5,099,000 after buying an additional 11,172 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Trease Kristina Van sold 2,221 shares of the company's 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 completion of the transaction, the insider directly owned 6,694 shares in the company, valued at approximately $764,521.74. The trade was a 24.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 6,694 shares of the company's stock, valued at approximately $764,521.74. This represents a 24.91% decrease in their position. 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.

Analyst Upgrades and Downgrades

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

McGrath RentCorp Trading Down 1.6%

NASDAQ:MGRC traded down $1.88 during trading hours on Wednesday, hitting $118.80. 21,768 shares of the company were exchanged, compared to its average volume of 144,956. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 1.25 and a beta of 0.66. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The company has a fifty day simple moving average of $117.27 and a 200 day simple moving average of $115.39.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The business had revenue of $235.62 million during the quarter, compared to the consensus estimate of $220.71 million. During the same quarter in the previous year, the business earned $0.84 EPS. The company's quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Thursday, July 17th. McGrath RentCorp's payout ratio is 18.89%.

McGrath RentCorp 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.