Teachers Advisors LLC Has $1.30 Million Stake in McGrath RentCorp (MGRC)
Teachers Advisors LLC boosted its position in McGrath RentCorp (NASDAQ:MGRC) by 3.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 38,817 shares of the financial services provider’s stock after buying an additional 1,324 shares during the period. Teachers Advisors LLC owned 0.16% of McGrath RentCorp worth $1,303,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Airain ltd bought a new position in shares of McGrath RentCorp during the first quarter worth about $201,000. Mckinley Capital Management LLC Delaware raised its position in shares of McGrath RentCorp by 1.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 7,769 shares of the financial services provider’s stock worth $261,000 after buying an additional 130 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of McGrath RentCorp during the first quarter worth about $360,000. Capital Fund Management S.A. bought a new position in shares of McGrath RentCorp during the first quarter worth about $410,000. Finally, American International Group Inc. raised its position in shares of McGrath RentCorp by 7.1% in the first quarter. American International Group Inc. now owns 14,461 shares of the financial services provider’s stock worth $485,000 after buying an additional 964 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.
McGrath RentCorp (MGRC) traded up 0.78% during trading on Monday, hitting $38.87. 5,903 shares of the stock traded hands. The stock has a market cap of $932.61 million, a P/E ratio of 22.22 and a beta of 0.97. McGrath RentCorp has a 52 week low of $29.26 and a 52 week high of $41.61. The firm’s 50-day moving average is $36.77 and its 200 day moving average is $35.20.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The company had revenue of $109.58 million during the quarter, compared to the consensus estimate of $105.36 million. During the same period last year, the company earned $0.38 earnings per share. The firm’s revenue was up 6.3% compared to the same quarter last year. Equities research analysts forecast that McGrath RentCorp will post $1.88 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Monday, July 17th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.70%. McGrath RentCorp’s dividend payout ratio (DPR) is 59.43%.
A number of brokerages recently issued reports on MGRC. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Saturday, August 5th. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th.
In other news, VP John P. Skenesky sold 7,561 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $38.47, for a total transaction of $290,871.67. Following the completion of the transaction, the vice president now directly owns 6,387 shares in the company, valued at $245,707.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Keith E. Pratt sold 3,261 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $40.73, for a total value of $132,820.53. Following the transaction, the vice president now owns 26,000 shares of the company’s stock, valued at $1,058,980. The disclosure for this sale can be found here. 4.60% of the stock is 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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