Nexpoint Asset Management L.P. Buys Shares of 3,200 McGrath RentCorp (NASDAQ:MGRC)

Nexpoint Asset Management L.P. bought a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,200 shares of the financial services provider's stock, valued at approximately $358,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGRC. O Shaughnessy Asset Management LLC increased its stake in McGrath RentCorp by 3.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,602 shares of the financial services provider's stock valued at $291,000 after purchasing an additional 86 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in McGrath RentCorp by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,553 shares of the financial services provider's stock valued at $285,000 after buying an additional 162 shares in the last quarter. Sei Investments Co. lifted its stake in McGrath RentCorp by 1.8% in the 4th quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider's stock valued at $1,182,000 after buying an additional 184 shares in the last quarter. Forum Financial Management LP lifted its stake in McGrath RentCorp by 11.2% in the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after purchasing an additional 216 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of McGrath RentCorp by 6.6% during the 4th quarter. Hsbc Holdings PLC now owns 3,964 shares of the financial services provider's stock worth $442,000 after buying an additional 245 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $106.67 on Thursday. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The firm has a 50 day moving average price of $110.94 and a 200 day moving average price of $115.19. The company has a market capitalization of $2.63 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The firm had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same quarter last year, the firm earned $0.93 EPS. The firm's revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities research analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.82%. The ex-dividend date was Wednesday, April 16th. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio (DPR) is presently 20.10%.

Insiders Place Their Bets

In other news, COO Philip B. Hawkins sold 4,804 shares of the company's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $103.57, for a total value of $497,550.28. Following the completion of the transaction, the chief operating officer now owns 3,150 shares in the company, valued at approximately $326,245.50. This represents a 60.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kimberly Ann Box sold 1,000 shares of the company's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the transaction, the director now owns 7,500 shares of the company's stock, valued at approximately $935,175. The trade was a 11.76 % decrease in their position. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

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.

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