KLP Kapitalforvaltning AS Has $1.15 Million Stake in McGrath RentCorp (NASDAQ:MGRC)

KLP Kapitalforvaltning AS lifted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 102.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,300 shares of the financial services provider’s stock after acquiring an additional 5,200 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in McGrath RentCorp were worth $1,147,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Y Intercept Hong Kong Ltd raised its position in McGrath RentCorp by 27.8% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 5,199 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 1,132 shares during the last quarter. Allianz Asset Management GmbH bought a new position in shares of McGrath RentCorp in the first quarter valued at about $1,054,000. Jennison Associates LLC lifted its position in McGrath RentCorp by 28.1% during the 1st quarter. Jennison Associates LLC now owns 17,410 shares of the financial services provider’s stock worth $1,939,000 after buying an additional 3,819 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in McGrath RentCorp during the 1st quarter worth about $6,638,000. Finally, Victory Capital Management Inc. grew its holdings in McGrath RentCorp by 1.1% during the 1st quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider’s stock worth $72,273,000 after acquiring an additional 7,063 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling at McGrath RentCorp

In other news, insider Trease Kristina Van sold 2,221 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the transaction, the insider owned 6,694 shares of the company’s stock, valued at $764,521.74. This represents a 24.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO David M. Whitney sold 2,221 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the transaction, the chief accounting officer owned 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,509 shares of company stock valued at $1,507,821. 1.40% of the stock is currently owned by corporate insiders.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $124.50 on Monday. The stock has a market capitalization of $3.06 billion, a P/E ratio of 12.12, a price-to-earnings-growth ratio of 1.30 and a beta of 0.66. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The stock has a fifty day moving average of $115.99 and a 200-day moving average of $115.00.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. The firm had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.84 earnings per share. Equities research analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 17th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Thursday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is 20.10%.

Analysts Set New Price Targets

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

McGrath RentCorp 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.