McGrath RentCorp (NASDAQ:MGRC) Stake Lowered by XTX Topco Ltd

XTX Topco Ltd cut its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 64.1% in the 1st quarter, Holdings Channel reports. The firm owned 2,073 shares of the financial services provider’s stock after selling 3,705 shares during the quarter. XTX Topco Ltd’s holdings in McGrath RentCorp were worth $231,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in MGRC. Canada Pension Plan Investment Board acquired a new position in shares of McGrath RentCorp during the fourth quarter worth approximately $89,000. Focus Partners Wealth acquired a new position in shares of McGrath RentCorp during the fourth quarter worth approximately $136,000. State of Wyoming acquired a new position in shares of McGrath RentCorp during the fourth quarter worth approximately $159,000. Teza Capital Management LLC acquired a new position in shares of McGrath RentCorp during the fourth quarter worth approximately $213,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of McGrath RentCorp by 9.1% during the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider’s stock worth $233,000 after buying an additional 174 shares during the period. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Price Performance

MGRC opened at $121.25 on Wednesday. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 1.23 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 business has a 50 day moving average price of $117.74 and a two-hundred day moving average price of $115.29.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.16. The company had revenue of $235.62 million for the quarter, compared to analysts’ expectations of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. Equities analysts expect that McGrath RentCorp will post 6.18 EPS 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 issued a $0.485 dividend. The ex-dividend date of this dividend was Thursday, July 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.6%. McGrath RentCorp’s dividend payout ratio is currently 18.89%.

Insider Buying and Selling

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 14,577 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the transaction, the chief executive officer owned 153,637 shares of the company’s stock, valued at approximately $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Trease Kristina Van sold 2,221 shares of the business’s stock in a transaction 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 sale, the insider directly owned 6,694 shares in the company, valued at approximately $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. Insiders sold a total of 21,519 shares of company stock worth $2,645,800 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, April 25th.

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.