11,918 Shares in McGrath RentCorp (NASDAQ:MGRC) Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas purchased a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,918 shares of the financial services provider's stock, valued at approximately $1,328,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MGRC. Eminence Capital LP purchased a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $83,898,000. Raymond James Financial Inc. purchased a new stake in shares of McGrath RentCorp in the 4th quarter valued at about $13,179,000. Neumeier Poma Investment Counsel LLC raised its holdings in shares of McGrath RentCorp by 127.1% in the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider's stock valued at $22,901,000 after acquiring an additional 114,626 shares in the last quarter. Algert Global LLC raised its holdings in shares of McGrath RentCorp by 729.1% in the 4th quarter. Algert Global LLC now owns 118,660 shares of the financial services provider's stock valued at $13,269,000 after acquiring an additional 104,348 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in shares of McGrath RentCorp by 11.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider's stock valued at $102,610,000 after acquiring an additional 97,290 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Up 1.1%

Shares of NASDAQ MGRC traded up $1.27 during trading hours on Wednesday, reaching $117.45. 96,206 shares of the stock traded hands, compared to its average volume of 185,790. The company has a market capitalization of $2.89 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.25 and a beta of 0.66. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The company's 50-day simple moving average is $115.45 and its two-hundred day simple moving average is $114.68.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a return on equity of 13.57% and a net margin of 25.81%. McGrath RentCorp's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. As a group, sell-side analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.65%. McGrath RentCorp's dividend payout ratio (DPR) is currently 20.10%.

Insiders Place Their Bets

In other McGrath RentCorp news, COO Philip B. Hawkins sold 4,804 shares of McGrath RentCorp stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $103.57, for a total value of $497,550.28. Following the transaction, the chief operating officer directly owned 3,150 shares of the company's stock, valued at $326,245.50. The trade was a 60.40% 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, insider Trease Kristina Van sold 2,221 shares of the business'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 insider directly owned 6,694 shares in the company, valued at $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,313 shares of company stock worth $2,005,372. 1.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.