Meeder Asset Management Inc. Has $315,000 Position in McGrath RentCorp (NASDAQ:MGRC)

Meeder Asset Management Inc. lifted its stake in McGrath RentCorp (NASDAQ:MGRC) by 3,944.3% in the first quarter, HoldingsChannel.com reports. The firm owned 2,831 shares of the financial services provider’s stock after purchasing an additional 2,761 shares during the quarter. Meeder Asset Management Inc.’s holdings in McGrath RentCorp were worth $315,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MGRC. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in McGrath RentCorp by 4.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,197 shares of the financial services provider’s stock worth $913,000 after acquiring an additional 317 shares during the period. TD Asset Management Inc grew its holdings in McGrath RentCorp by 10.9% during the 1st quarter. TD Asset Management Inc now owns 21,740 shares of the financial services provider’s stock worth $2,422,000 after acquiring an additional 2,140 shares during the period. Hamilton Point Investment Advisors LLC grew its holdings in McGrath RentCorp by 0.4% during the 1st quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider’s stock worth $6,051,000 after acquiring an additional 192 shares during the period. One Wealth Advisors LLC grew its holdings in McGrath RentCorp by 23.6% during the 1st quarter. One Wealth Advisors LLC now owns 20,828 shares of the financial services provider’s stock worth $2,320,000 after acquiring an additional 3,971 shares during the period. Finally, KLP Kapitalforvaltning AS grew its holdings in McGrath RentCorp by 102.0% during the 1st quarter. KLP Kapitalforvaltning AS now owns 10,300 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 5,200 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In related news, CAO David M. Whitney sold 2,221 shares of the firm’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 chief accounting officer directly owned 6,694 shares in the company, valued at $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $108.89, for a total transaction of $606,190.63. Following the sale, the chief executive officer owned 176,897 shares in the company, valued at approximately $19,262,314.33. The trade was a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,509 shares of company stock valued at $1,507,821. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Up 1.2%

Shares of NASDAQ MGRC opened at $127.77 on Wednesday. The company’s fifty day moving average is $116.42 and its 200-day moving average is $115.19. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.30 and a beta of 0.66. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 26.81% and a return on equity of 13.52%. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. On average, research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

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

Wall Street Analyst Weigh In

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

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.