Virtu Financial LLC Makes New $531,000 Investment in McGrath RentCorp $MGRC

Key Points

• Virtu Financial LLC invested approximately $531,000 in McGrath RentCorp by acquiring 4,764 shares in the first quarter.
• McGrath RentCorp reported strong financial performance with $1.46 EPS for the last quarter, surpassing forecasts, and a 10.8% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.485 per share, reflecting a 1.6% dividend yield and a payout ratio of 18.89%.

Virtu Financial LLC purchased a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 4,764 shares of the financial services provider's stock, valued at approximately $531,000.

Several other hedge funds have also bought and sold shares of the stock. Eminence Capital LP purchased a new position in McGrath RentCorp in the fourth quarter worth about $83,898,000. New York State Common Retirement Fund boosted its holdings in shares of McGrath RentCorp by 1,337.6% in the 1st quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider's stock worth $13,465,000 after purchasing an additional 112,463 shares during the period. Algert Global LLC increased its position in shares of McGrath RentCorp by 729.1% during the 4th quarter. Algert Global LLC now owns 118,660 shares of the financial services provider's stock valued at $13,269,000 after purchasing an additional 104,348 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position 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 valued at $102,610,000 after purchasing an additional 97,290 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in McGrath RentCorp by 1,843.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 91,696 shares of the financial services provider's stock valued at $10,253,000 after buying an additional 86,977 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Up 1.6%

Shares of NASDAQ MGRC traded up $1.87 during midday trading on Monday, reaching $121.43. 51,233 shares of the company's stock traded hands, compared to its average volume of 143,272. The stock's 50 day simple moving average is $118.12 and its 200-day simple moving average is $115.17. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 11.84, a P/E/G ratio of 1.23 and a beta of 0.66. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

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

McGrath RentCorp Dividend Announcement

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

Insider Buying and Selling at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,500 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total value of $177,750.00. Following the completion of the transaction, the director owned 7,000 shares of the company's stock, valued at $829,500. The trade was a 17.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the sale, the chief executive officer directly owned 153,637 shares in the company, valued at approximately $19,442,762.35. This trade represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,519 shares of company stock valued at $2,645,800. 1.40% of the stock is currently 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 note on Friday, April 25th.

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.