Allianz Asset Management GmbH Makes New Investment in McGrath RentCorp (NASDAQ:MGRC)

Allianz Asset Management GmbH purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 9,465 shares of the financial services provider’s stock, valued at approximately $1,054,000.

Other hedge funds have also recently modified their holdings of the company. New Age Alpha Advisors LLC purchased a new position in shares of McGrath RentCorp during the 4th quarter valued at $33,000. Canada Pension Plan Investment Board bought a new stake in McGrath RentCorp during the fourth quarter valued at about $89,000. Focus Partners Wealth bought a new stake in McGrath RentCorp during the fourth quarter valued at about $136,000. State of Wyoming purchased a new position in shares of McGrath RentCorp in the fourth quarter valued at about $159,000. Finally, Teza Capital Management LLC bought a new position in shares of McGrath RentCorp in the fourth quarter worth about $213,000. Institutional investors own 92.05% of the company’s stock.

Insiders Place Their Bets

In other news, CAO David M. Whitney sold 2,221 shares of McGrath RentCorp stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the sale, the chief accounting officer directly owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Trease Kristina Van sold 2,221 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the transaction, the insider directly owned 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,519 shares of company stock valued at $2,746,350. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

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

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $124.79 on Friday. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.30 and a beta of 0.66. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The stock’s 50 day simple moving average is $116.88 and its two-hundred day simple moving average is $115.34.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.16. The firm had revenue of $235.62 million during the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.84 EPS. As a group, analysts anticipate 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 was paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Thursday, July 17th. McGrath RentCorp’s dividend payout ratio is presently 18.89%.

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.