Dimensional Fund Advisors LP raised its position in McGrath RentCorp (NASDAQ:MGRC) by 0.3% during the first quarter, Holdings Channel reports. The firm owned 1,734,398 shares of the financial services provider’s stock after buying an additional 5,082 shares during the period. Dimensional Fund Advisors LP owned about 0.07% of McGrath RentCorp worth $58,223,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. State Street Corp increased its stake in McGrath RentCorp by 15.7% in the fourth quarter. State Street Corp now owns 522,882 shares of the financial services provider’s stock worth $20,491,000 after buying an additional 70,905 shares during the period. Allianz Asset Management AG increased its stake in McGrath RentCorp by 50.0% in the fourth quarter. Allianz Asset Management AG now owns 23,511 shares of the financial services provider’s stock worth $921,000 after buying an additional 7,833 shares during the period. Renaissance Technologies LLC increased its stake in McGrath RentCorp by 25.9% in the fourth quarter. Renaissance Technologies LLC now owns 418,795 shares of the financial services provider’s stock worth $16,413,000 after buying an additional 86,200 shares during the period. A.R.T. Advisors LLC acquired a new stake in McGrath RentCorp during the fourth quarter worth $442,000. Finally, Guggenheim Capital LLC increased its stake in McGrath RentCorp by 10.0% in the fourth quarter. Guggenheim Capital LLC now owns 26,662 shares of the financial services provider’s stock worth $1,045,000 after buying an additional 2,433 shares during the period. 82.52% of the stock is owned by institutional investors and hedge funds.
Shares of McGrath RentCorp (MGRC) opened at 34.63 on Monday. The company’s 50 day moving average is $34.03 and its 200-day moving average is $35.71. The company has a market capitalization of $830.46 million, a P/E ratio of 20.89 and a beta of 0.97. McGrath RentCorp has a 1-year low of $29.26 and a 1-year high of $39.86.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, May 2nd. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $94.84 million during the quarter, compared to analyst estimates of $95.10 million. McGrath RentCorp had a net margin of 9.33% and a return on equity of 10.14%. On average, equities research analysts forecast that McGrath RentCorp will post $1.77 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Monday, July 17th will be paid a $0.26 dividend. The ex-dividend date is Thursday, July 13th. This represents a $1.04 annualized dividend and a dividend yield of 3.00%. McGrath RentCorp’s dividend payout ratio is currently 63.03%.
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Separately, Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research note on Friday, May 5th.
In other news, CEO Joseph F. Hanna sold 6,000 shares of McGrath RentCorp stock in a transaction on Monday, May 8th. The shares were sold at an average price of $34.55, for a total value of $207,300.00. Following the completion of the sale, the chief executive officer now owns 30,087 shares in the company, valued at approximately $1,039,505.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Philip B. Hawkins sold 1,500 shares of McGrath RentCorp stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $36.00, for a total transaction of $54,000.00. Following the completion of the sale, the vice president now owns 3,624 shares of the company’s stock, valued at approximately $130,464. The disclosure for this sale can be found here. Insiders sold a total of 12,500 shares of company stock valued at $442,090 in the last quarter. 4.60% of the stock is currently owned by company insiders.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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