Algert Global LLC Invests $1.48 Million in McGrath RentCorp (MGRC)

Algert Global LLC acquired a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 42,789 shares of the financial services provider’s stock, valued at approximately $1,482,000. Algert Global LLC owned approximately 0.18% of McGrath RentCorp as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. US Bancorp DE raised its stake in McGrath RentCorp by 17,333.3% in the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock worth $145,000 after buying an additional 4,160 shares during the last quarter. Airain ltd acquired a new stake in shares of McGrath RentCorp during the first quarter worth about $201,000. Mckinley Capital Management LLC Delaware raised its stake in shares of McGrath RentCorp by 1.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 7,769 shares of the financial services provider’s stock worth $261,000 after buying an additional 130 shares during the last quarter. Bank of America Corp DE raised its stake in shares of McGrath RentCorp by 9.7% in the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock worth $316,000 after buying an additional 830 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of McGrath RentCorp during the first quarter worth about $360,000. 82.61% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp (NASDAQ MGRC) traded up 0.05% during trading on Friday, hitting $38.64. The stock had a trading volume of 46,839 shares. The firm’s 50 day moving average is $36.26 and its 200 day moving average is $35.19. The firm has a market cap of $927.09 million, a price-to-earnings ratio of 22.09 and a beta of 0.97. McGrath RentCorp has a 1-year low of $29.27 and a 1-year high of $41.61.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.10. The firm had revenue of $109.58 million during the quarter, compared to the consensus estimate of $105.36 million. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the business posted $0.38 earnings per share. On average, analysts anticipate that McGrath RentCorp will post $1.88 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Monday, July 17th were given a $0.26 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.69%. McGrath RentCorp’s payout ratio is 59.43%.

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A number of brokerages have issued reports on MGRC. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Saturday, August 5th. BidaskClub raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Monday, July 24th.

In other news, VP John P. Skenesky sold 7,561 shares of McGrath RentCorp stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $38.47, for a total value of $290,871.67. Following the completion of the sale, the vice president now directly owns 6,387 shares in the company, valued at $245,707.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Keith E. Pratt sold 3,261 shares of McGrath RentCorp stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $40.73, for a total transaction of $132,820.53. Following the completion of the sale, the vice president now owns 26,000 shares of the company’s stock, valued at $1,058,980. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by insiders.

About McGrath RentCorp

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).

Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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