McGrath RentCorp (NASDAQ:MGRC) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. decreased its position in McGrath RentCorp (NASDAQ:MGRC) by 43.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,062 shares of the financial services provider’s stock after selling 24,475 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in McGrath RentCorp were worth $3,585,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Atala Financial Inc acquired a new position in shares of McGrath RentCorp during the 4th quarter valued at about $31,000. New Age Alpha Advisors LLC acquired a new position in shares of McGrath RentCorp during the 4th quarter valued at about $33,000. Canada Pension Plan Investment Board acquired a new position in shares of McGrath RentCorp during the 4th quarter valued at about $89,000. KBC Group NV increased its stake in shares of McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 286 shares during the last quarter. Finally, Xponance Inc. acquired a new position in shares of McGrath RentCorp during the 4th quarter valued at about $200,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Ratings Changes

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

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $115.74 on Monday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The stock has a market capitalization of $2.85 billion, a P/E ratio of 12.27, a PEG ratio of 1.35 and a beta of 0.66. The stock has a 50-day simple moving average of $109.30 and a 200-day simple moving average of $115.39.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business had revenue of $195.42 million during the quarter, compared to analysts’ expectations of $189.03 million. During the same quarter in the previous year, the business earned $0.93 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. Analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.68%. 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 is currently 20.10%.

Insiders Place Their Bets

In other McGrath RentCorp news, VP John P. Skenesky sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total value of $278,300.00. Following the completion of the transaction, the vice president now owns 8,692 shares in the company, valued at $967,593.44. This represents a 22.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value 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. This represents a 11.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,871 shares of company stock worth $1,506,731 in the last 90 days. 1.60% of the stock is owned by company 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.