Renaissance Technologies LLC Purchases Shares of 27,682 McGrath RentCorp (NASDAQ:MGRC)

Renaissance Technologies LLC acquired a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 27,682 shares of the financial services provider's stock, valued at approximately $3,095,000. Renaissance Technologies LLC owned about 0.11% of McGrath RentCorp as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MGRC. River Road Asset Management LLC lifted its holdings in shares of McGrath RentCorp by 52.1% in the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock worth $212,116,000 after acquiring an additional 649,567 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of McGrath RentCorp by 57.3% during the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock valued at $119,456,000 after buying an additional 404,884 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $13,179,000. Neumeier Poma Investment Counsel LLC grew its stake in shares of McGrath RentCorp by 127.1% during the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider's stock valued at $22,901,000 after buying an additional 114,626 shares during the last quarter. Finally, Norges Bank bought a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $9,724,000. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Trading Down 0.6 %

Shares of NASDAQ MGRC traded down $0.66 during trading hours on Tuesday, reaching $105.67. The stock had a trading volume of 6,253 shares, compared to its average volume of 177,325. The business's fifty day moving average price is $111.78 and its two-hundred day moving average price is $115.30. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 1.35 and a beta of 0.62. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93.

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, topping analysts' consensus estimates of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. McGrath RentCorp's revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.93 earnings per share. Equities research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Wednesday, April 16th. This is a positive change from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio is currently 20.10%.

Insider Activity

In other news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

Separately, StockNews.com raised McGrath RentCorp from a "hold" rating to a "buy" rating in a research note on Friday.

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.