Mirador Capital Partners LP Takes Position in McGrath RentCorp (MGRC)
Mirador Capital Partners LP purchased a new stake in McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,448 shares of the financial services provider’s stock, valued at approximately $218,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Algert Global LLC raised its holdings 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 valued at $3,420,000 after acquiring an additional 1,101 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of McGrath RentCorp by 1.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 183,472 shares of the financial services provider’s stock worth $9,851,000 after purchasing an additional 1,949 shares during the period. Campbell & CO Investment Adviser LLC raised its holdings in shares of McGrath RentCorp by 52.5% during the first quarter. Campbell & CO Investment Adviser LLC now owns 8,709 shares of the financial services provider’s stock worth $468,000 after purchasing an additional 3,000 shares during the period. BW Gestao de Investimentos Ltda. raised its holdings in shares of McGrath RentCorp by 12.9% during the first quarter. BW Gestao de Investimentos Ltda. now owns 27,642 shares of the financial services provider’s stock worth $1,484,000 after purchasing an additional 3,151 shares during the period. Finally, Ausdal Financial Partners Inc. acquired a new stake in shares of McGrath RentCorp during the second quarter worth $202,000. 83.26% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the stock. BidaskClub cut shares of McGrath RentCorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 31st. ValuEngine cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Finally, Zacks Investment Research cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th.
McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Tuesday, July 31st. The financial services provider reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. The company had revenue of $117.00 million for the quarter, compared to analysts’ expectations of $112.69 million. McGrath RentCorp had a net margin of 34.37% and a return on equity of 11.91%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. sell-side analysts anticipate that McGrath RentCorp will post 2.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 31st. Shareholders of record on Tuesday, July 17th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, July 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.36%. McGrath RentCorp’s dividend payout ratio (DPR) is 63.55%.
In other news, VP Philip B. Hawkins sold 4,926 shares of the company’s stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $64.65, for a total transaction of $318,465.90. Following the completion of the transaction, the vice president now owns 7,392 shares in the company, valued at $477,892.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Kay Dashner sold 1,507 shares of the company’s stock in a transaction dated Thursday, May 24th. The stock was sold at an average price of $65.00, for a total transaction of $97,955.00. Following the transaction, the vice president now owns 6,884 shares of the company’s stock, valued at approximately $447,460. The disclosure for this sale can be found here. Insiders have sold 12,880 shares of company stock worth $841,408 over the last three months. 2.00% of the stock is owned by corporate insiders.
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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