Virtu Financial LLC Invests $531,000 in McGrath RentCorp (NASDAQ: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 acquired a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 4,764 shares of the financial services provider's stock, valued at approximately $531,000.

Other institutional investors also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in McGrath RentCorp in the 4th quarter worth approximately $89,000. Focus Partners Wealth acquired a new stake in shares of McGrath RentCorp during the 4th quarter worth approximately $136,000. State of Wyoming acquired a new stake in shares of McGrath RentCorp during the 4th quarter worth approximately $159,000. Teza Capital Management LLC acquired a new stake in shares of McGrath RentCorp during the 4th quarter worth approximately $213,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after purchasing an additional 174 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC traded up $0.01 during trading on Friday, hitting $119.56. 132,189 shares of the stock were exchanged, compared to its average volume of 125,986. 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 $2.94 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.23 and a beta of 0.66. The company's fifty day simple moving average is $118.12 and its 200-day simple moving average is $115.24.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share 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 firm had revenue of $235.62 million for the quarter, compared to analysts' expectations of $220.71 million. During the same period in the prior year, the business posted $0.84 earnings per share. The business's revenue was up 10.8% compared to the same quarter last year. On average, research analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other McGrath RentCorp news, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the sale, the chief accounting officer directly owned 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the insider 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 have sold 21,519 shares of company stock valued at $2,645,800. 1.40% of the stock is currently owned by insiders.

About McGrath RentCorp

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.