American International Group Inc. Purchases 964 Shares of McGrath RentCorp (NASDAQ:MGRC)
American International Group Inc. raised its position in McGrath RentCorp (NASDAQ:MGRC) by 7.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 14,461 shares of the financial services provider’s stock after buying an additional 964 shares during the period. American International Group Inc. owned approximately 0.06% of McGrath RentCorp worth $485,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of MGRC. Trexquant Investment LP boosted its stake in shares of McGrath RentCorp by 167.8% in the first quarter. Trexquant Investment LP now owns 24,200 shares of the financial services provider’s stock worth $812,000 after buying an additional 15,163 shares during the period. BW Gestao de Investimentos Ltda. boosted its stake in McGrath RentCorp by 6.8% in the first quarter. BW Gestao de Investimentos Ltda. now owns 18,325 shares of the financial services provider’s stock worth $615,000 after buying an additional 1,172 shares during the period. Capital Fund Management S.A. purchased a new stake in McGrath RentCorp during the first quarter worth $410,000. Wells Fargo & Company MN boosted its stake in McGrath RentCorp by 10.0% in the first quarter. Wells Fargo & Company MN now owns 17,656 shares of the financial services provider’s stock worth $593,000 after buying an additional 1,606 shares during the period. Finally, Strs Ohio boosted its stake in McGrath RentCorp by 6.8% in the first quarter. Strs Ohio now owns 23,500 shares of the financial services provider’s stock worth $788,000 after buying an additional 1,500 shares during the period. 82.64% of the stock is currently owned by institutional investors.
McGrath RentCorp (NASDAQ MGRC) traded down 3.63% during trading on Monday, reaching $39.81. 85,022 shares of the company’s stock traded hands. McGrath RentCorp has a 12 month low of $29.26 and a 12 month high of $41.61. The company has a market capitalization of $955.16 million, a price-to-earnings ratio of 22.76 and a beta of 0.97. The firm’s 50 day moving average is $34.31 and its 200-day moving average is $35.03.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating 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 business had revenue of $109.58 million during the quarter, compared to analysts’ expectations of $105.36 million. During the same period in the previous year, the business posted $0.38 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts expect that McGrath RentCorp will post $1.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Monday, July 17th were issued a dividend of $0.26 per share. The ex-dividend date was Thursday, July 13th. This represents a $1.04 annualized dividend and a yield of 2.61%. McGrath RentCorp’s dividend payout ratio is currently 59.43%.
A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Friday, June 9th. BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Monday, July 24th.
In related news, Director Elizabeth A. Fetter sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $36.02, for a total value of $72,040.00. Following the completion of the transaction, the director now directly owns 5,400 shares in the company, valued at approximately $194,508. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Philip B. Hawkins sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $36.00, for a total value of $54,000.00. Following the completion of the transaction, the vice president now owns 3,624 shares of the company’s stock, valued at $130,464. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock valued at $234,790 over the last three months. Company insiders own 4.60% of the company’s stock.
McGrath RentCorp Company Profile
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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