Meeder Asset Management Inc. Purchases 2,761 Shares of McGrath RentCorp (NASDAQ:MGRC)

Meeder Asset Management Inc. raised its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 3,944.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,831 shares of the financial services provider’s stock after acquiring an additional 2,761 shares during the period. Meeder Asset Management Inc.’s holdings in McGrath RentCorp were worth $315,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MGRC. Eminence Capital LP acquired a new position in shares of McGrath RentCorp during the fourth quarter valued at about $83,898,000. New York State Common Retirement Fund raised its position in shares of McGrath RentCorp by 1,337.6% during the first quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider’s stock valued at $13,465,000 after buying an additional 112,463 shares during the last quarter. Algert Global LLC raised its position in shares of McGrath RentCorp by 729.1% during the fourth quarter. Algert Global LLC now owns 118,660 shares of the financial services provider’s stock valued at $13,269,000 after buying an additional 104,348 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of McGrath RentCorp by 11.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 917,631 shares of the financial services provider’s stock valued at $102,610,000 after buying an additional 97,290 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of McGrath RentCorp by 7.9% during the fourth quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider’s stock valued at $134,091,000 after buying an additional 87,329 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Stock Up 1.2%

NASDAQ:MGRC opened at $127.77 on Wednesday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The firm has a market capitalization of $3.14 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 1.30 and a beta of 0.66. The firm has a 50-day moving average price of $116.42 and a 200 day moving average price of $115.19.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.16. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The firm had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, research analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 annualized dividend and a yield of 1.52%. McGrath RentCorp’s dividend payout ratio is 18.89%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, CEO Joseph F. Hanna sold 5,567 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total value of $606,190.63. Following the completion of the sale, the chief executive officer owned 176,897 shares of the company’s stock, valued at $19,262,314.33. This trade represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Trease Kristina Van sold 2,221 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the sale, the insider directly owned 6,694 shares of the company’s stock, valued at approximately $764,521.74. This represents a 24.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,509 shares of company stock valued at $1,507,821 over the last three months. 1.40% of the stock is 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.