D.A. Davidson & CO. cut its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 16.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,800 shares of the financial services provider’s stock after selling 2,050 shares during the period. D.A. Davidson & CO.’s holdings in McGrath RentCorp were worth $580,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of MGRC. Prudential Financial Inc. lifted its position in McGrath RentCorp by 161.0% in the first quarter. Prudential Financial Inc. now owns 92,727 shares of the financial services provider’s stock worth $4,979,000 after purchasing an additional 57,199 shares during the period. SG Americas Securities LLC acquired a new stake in McGrath RentCorp in the first quarter worth approximately $195,000. Algert Global LLC lifted its position in McGrath RentCorp by 1.8% in the first quarter. Algert Global LLC now owns 63,707 shares of the financial services provider’s stock worth $3,420,000 after purchasing an additional 1,101 shares during the period. Alps Advisors Inc. acquired a new stake in McGrath RentCorp in the first quarter worth approximately $489,000. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in McGrath RentCorp in the first quarter worth approximately $2,158,000. Institutional investors and hedge funds own 83.85% of the company’s stock.
A number of research firms have weighed in on MGRC. BidaskClub upgraded McGrath RentCorp from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 20th. ValuEngine upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st.
In other McGrath RentCorp news, VP John P. Skenesky sold 4,671 shares of the company’s stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $63.77, for a total value of $297,869.67. Following the transaction, the vice president now owns 5,687 shares of the company’s stock, valued at $362,659.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Elizabeth A. Fetter sold 3,000 shares of the company’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $62.21, for a total value of $186,630.00. Following the completion of the transaction, the director now directly owns 5,250 shares in the company, valued at approximately $326,602.50. The disclosure for this sale can be found here. Insiders sold 36,695 shares of company stock worth $2,045,013 in the last ninety days. 4.60% of the stock is owned by corporate insiders.
MGRC opened at $64.43 on Friday. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 2.34 and a beta of 0.82. McGrath RentCorp has a 1-year low of $64.09 and a 1-year high of $64.78.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, May 1st. The financial services provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.12. The firm had revenue of $105.09 million during the quarter, compared to the consensus estimate of $99.92 million. McGrath RentCorp had a return on equity of 11.81% and a net margin of 33.97%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 earnings per share. equities analysts predict that McGrath RentCorp will post 2.73 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 30th. Shareholders of record on Monday, April 16th were issued a $0.34 dividend. The ex-dividend date was Friday, April 13th. This represents a $1.36 annualized dividend and a dividend yield of 2.11%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.26. McGrath RentCorp’s dividend payout ratio is currently 63.55%.
About McGrath RentCorp
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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