Premier Fund Managers Ltd Purchases New Position in McGrath RentCorp (NASDAQ:MGRC)

Premier Fund Managers Ltd purchased a new stake in McGrath RentCorp (NASDAQ:MGRC) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,768 shares of the financial services provider’s stock, valued at approximately $428,000.

Other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its stake in McGrath RentCorp by 3,944.3% in the first quarter. Meeder Asset Management Inc. now owns 2,831 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 2,761 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in McGrath RentCorp by 4.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,197 shares of the financial services provider’s stock worth $913,000 after purchasing an additional 317 shares during the last quarter. TD Asset Management Inc lifted its stake in McGrath RentCorp by 10.9% in the first quarter. TD Asset Management Inc now owns 21,740 shares of the financial services provider’s stock worth $2,422,000 after purchasing an additional 2,140 shares during the last quarter. Hamilton Point Investment Advisors LLC lifted its stake in McGrath RentCorp by 0.4% in the first quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider’s stock worth $6,051,000 after purchasing an additional 192 shares during the last quarter. Finally, One Wealth Advisors LLC lifted its stake in McGrath RentCorp by 23.6% in the first quarter. One Wealth Advisors LLC now owns 20,828 shares of the financial services provider’s stock worth $2,320,000 after purchasing an additional 3,971 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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 Price Performance

Shares of NASDAQ MGRC opened at $127.77 on Wednesday. The company has a market cap of $3.14 billion, a P/E ratio of 12.44, a PEG ratio of 1.30 and a beta of 0.66. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The firm has a 50-day simple moving average of $116.42 and a two-hundred day simple moving average of $115.19.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. The business had revenue of $235.62 million for the quarter, compared to analyst estimates of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. As a group, equities research analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 18.89%.

Insider Activity at McGrath RentCorp

In related news, CAO David M. Whitney sold 2,221 shares of McGrath RentCorp stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the transaction, the chief accounting officer directly owned 6,694 shares of the company’s stock, valued at $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Trease Kristina Van sold 2,221 shares of McGrath RentCorp stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the transaction, the insider directly owned 6,694 shares in the company, valued at approximately $764,521.74. The trade was a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,509 shares of company stock valued at $1,507,821. 1.40% of the stock is owned by insiders.

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.