Dynamic Technology Lab Private Ltd Invests $816,000 in McGrath RentCorp (NASDAQ:MGRC)

Dynamic Technology Lab Private Ltd acquired a new stake in McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,748 shares of the financial services provider’s stock, valued at approximately $816,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC boosted its position in shares of McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 104 shares during the last quarter. Arizona State Retirement System increased its stake in shares of McGrath RentCorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 141 shares during the last quarter. Covestor Ltd increased its stake in shares of McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 161 shares during the last quarter. Sei Investments Co. raised its position in shares of McGrath RentCorp by 4.1% in the 2nd quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock valued at $496,000 after acquiring an additional 183 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in McGrath RentCorp by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after acquiring an additional 185 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $121.22 on Thursday. The business’s 50-day simple moving average is $112.18 and its 200-day simple moving average is $108.62. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The stock has a market capitalization of $2.98 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.70 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The firm had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. During the same quarter in the previous year, the firm posted $1.65 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. On average, research analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insider Buying and Selling at McGrath RentCorp

In other news, VP David M. Whitney sold 5,176 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now directly owns 205 shares of the company’s stock, valued at $23,985. This trade represents a 96.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the completion of the sale, the director now directly owns 4,000 shares in the company, valued at approximately $460,000. This represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,016 shares of company stock valued at $5,493,411 in the last 90 days. 1.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on MGRC. Oppenheimer upped their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd.

About McGrath RentCorp

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.