Y Intercept Hong Kong Ltd Purchases Shares of 6,233 McGrath RentCorp (NASDAQ:MGRC)

Y Intercept Hong Kong Ltd acquired a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 6,233 shares of the financial services provider’s stock, valued at approximately $656,000.

Several other hedge funds have also modified their holdings of MGRC. Quest Partners LLC purchased a new position in McGrath RentCorp during the second quarter worth approximately $1,064,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of McGrath RentCorp in the 3rd quarter worth $816,000. Alpine Associates Management Inc. boosted its holdings in McGrath RentCorp by 9.8% in the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after acquiring an additional 63,366 shares during the last quarter. Intech Investment Management LLC purchased a new stake in McGrath RentCorp during the third quarter valued at about $797,000. Finally, Charles Schwab Investment Management Inc. increased its stake in McGrath RentCorp by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock worth $30,243,000 after acquiring an additional 8,428 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of MGRC opened at $118.64 on Friday. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86. The stock’s 50-day moving average is $115.94 and its two-hundred day moving average is $109.51. The stock has a market cap of $2.91 billion, a PE ratio of 12.97, a P/E/G ratio of 1.68 and a beta of 0.75.

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

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Friday, January 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.60%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Oppenheimer lifted their price objective on 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 upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a research report on Wednesday. They issued an “outperform” rating and a $152.00 price objective for the company.

Insider Activity at McGrath RentCorp

In related news, Director William J. Dawson sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total value of $2,300,000.00. Following the transaction, the director now owns 4,000 shares in the company, valued at approximately $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $605,592.00. Following the sale, the vice president now owns 205 shares of the company’s stock, valued at approximately $23,985. This trade represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 47,935 shares of company stock valued at $5,605,327. Corporate insiders own 1.60% of the company’s stock.

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.