Rhumbline Advisers Raises Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Rhumbline Advisers raised its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 3.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 46,273 shares of the financial services provider’s stock after buying an additional 1,692 shares during the period. Rhumbline Advisers owned about 0.19% of McGrath RentCorp worth $5,155,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Eminence Capital LP purchased a new stake in shares of McGrath RentCorp during the fourth quarter worth about $83,898,000. River Road Asset Management LLC raised its holdings in shares of McGrath RentCorp by 52.1% during the fourth quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider’s stock valued at $212,116,000 after acquiring an additional 649,567 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in McGrath RentCorp in the fourth quarter worth $13,179,000. Neumeier Poma Investment Counsel LLC boosted its holdings in McGrath RentCorp by 127.1% in the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider’s stock valued at $22,901,000 after acquiring an additional 114,626 shares in the last quarter. Finally, Algert Global LLC increased its position in McGrath RentCorp by 729.1% during the 4th quarter. Algert Global LLC now owns 118,660 shares of the financial services provider’s stock valued at $13,269,000 after purchasing an additional 104,348 shares during the period. Institutional investors own 92.05% of the company’s stock.

Insider Activity

In other news, CAO David M. Whitney sold 500 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $116.01, for a total value of $58,005.00. Following the sale, the chief accounting officer now directly owns 8,915 shares of the company’s stock, valued at approximately $1,034,229.15. This represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John P. Skenesky sold 2,500 shares of the firm’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $111.32, for a total value of $278,300.00. Following the transaction, the vice president now owns 8,692 shares of the company’s stock, valued at $967,593.44. The trade was a 22.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,313 shares of company stock worth $2,005,372. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $115.77 on Friday. The firm has a market capitalization of $2.85 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.35 and a beta of 0.66. The stock has a 50 day moving average price of $110.17 and a 200-day moving average price of $114.88. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 earnings per share. On average, equities analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Thursday, July 17th. McGrath RentCorp’s dividend payout ratio is 20.10%.

Analyst Upgrades and Downgrades

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

About McGrath RentCorp

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.