Arizona State Retirement System Sells 93 Shares of McGrath RentCorp (NASDAQ:MGRC)

Arizona State Retirement System reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 1.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,028 shares of the financial services provider’s stock after selling 93 shares during the quarter. Arizona State Retirement System’s holdings in McGrath RentCorp were worth $783,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MGRC. New Age Alpha Advisors LLC bought a new position in McGrath RentCorp during the fourth quarter worth $33,000. Canada Pension Plan Investment Board bought a new position in McGrath RentCorp during the fourth quarter worth about $89,000. Focus Partners Wealth bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $136,000. State of Wyoming acquired a new position in McGrath RentCorp in the 4th quarter valued at $159,000. Finally, Xponance Inc. bought a new stake in shares of McGrath RentCorp during the 4th quarter worth approximately $200,000. Institutional investors own 92.05% of the company’s stock.

Analyst Ratings Changes

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

McGrath RentCorp Stock Down 0.3%

NASDAQ MGRC opened at $113.60 on Tuesday. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The business’s fifty day simple moving average is $115.80 and its 200-day simple moving average is $114.80. The firm has a market cap of $2.80 billion, a PE ratio of 11.77, a P/E/G ratio of 1.19 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a return on equity of 13.57% and a net margin of 25.81%. McGrath RentCorp’s revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 EPS. Research analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Thursday, July 17th. McGrath RentCorp’s payout ratio is 20.10%.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, COO Philip B. Hawkins sold 4,804 shares of McGrath RentCorp stock in a transaction on Monday, April 28th. The shares were sold at an average price of $103.57, for a total value of $497,550.28. Following the completion of the transaction, the chief operating officer owned 3,150 shares of the company’s stock, valued at $326,245.50. The trade was a 60.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Joseph F. Hanna sold 5,567 shares of McGrath RentCorp stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the sale, the chief executive officer owned 176,897 shares in the company, valued at approximately $19,262,314.33. This represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,313 shares of company stock worth $2,005,372 in the last quarter. 1.40% of the stock is currently owned by corporate insiders.

McGrath RentCorp Company Profile

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.