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

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

A number of other institutional investors have also recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. boosted its position in 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 purchasing an additional 11,172 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in McGrath RentCorp by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock worth $292,000 after purchasing an additional 209 shares during the period. Chatham Capital Group Inc. boosted its position in McGrath RentCorp by 4.5% during the 1st quarter. Chatham Capital Group Inc. now owns 26,580 shares of the financial services provider's stock worth $2,961,000 after purchasing an additional 1,145 shares during the period. Rhumbline Advisers boosted its position in McGrath RentCorp by 3.8% during the 1st quarter. Rhumbline Advisers now owns 46,273 shares of the financial services provider's stock worth $5,155,000 after purchasing an additional 1,692 shares during the period. Finally, Summit Global Investments purchased a new stake in McGrath RentCorp during the 1st quarter worth $541,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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.

Insider Transactions at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 5,567 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the sale, the chief executive officer owned 176,897 shares in the company, valued at $19,262,314.33. This represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Trease Kristina Van sold 2,221 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,313 shares of company stock worth $2,005,372 over the last three months. Insiders own 1.40% of the company's stock.

McGrath RentCorp Trading Down 1.3%

MGRC stock traded down $1.55 during trading on Friday, reaching $119.82. The stock had a trading volume of 85,241 shares, compared to its average volume of 187,081. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The company has a market capitalization of $2.95 billion, a P/E ratio of 12.42, a PEG ratio of 1.25 and a beta of 0.66. The firm has a fifty day moving average price of $115.07 and a 200 day moving average price of $114.59.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.81% and a return on equity of 13.57%. The firm had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. During the same quarter in the previous year, the business posted $0.93 EPS. The firm's revenue was up 4.0% compared to the same quarter last year. Sell-side analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed 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 is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.62%. McGrath RentCorp's dividend payout ratio is currently 20.10%.

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.