Dark Forest Capital Management LP Acquires New Holdings in McGrath RentCorp (NASDAQ:MGRC)

Dark Forest Capital Management LP bought a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 16,030 shares of the financial services provider's stock, valued at approximately $1,792,000. Dark Forest Capital Management LP owned approximately 0.07% of McGrath RentCorp as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MGRC. Susquehanna International Group LLP raised its holdings in McGrath RentCorp by 4,821.3% during the fourth quarter. Susquehanna International Group LLP now owns 47,048 shares of the financial services provider's stock valued at $5,261,000 after buying an additional 46,092 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of McGrath RentCorp by 6.6% in the 4th quarter. Hsbc Holdings PLC now owns 3,964 shares of the financial services provider's stock valued at $442,000 after acquiring an additional 245 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in McGrath RentCorp by 5.8% in the 4th quarter. MetLife Investment Management LLC now owns 14,832 shares of the financial services provider's stock worth $1,659,000 after purchasing an additional 813 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in McGrath RentCorp by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock worth $88,198,000 after purchasing an additional 50,674 shares during the period. Finally, Forum Financial Management LP grew its holdings in McGrath RentCorp by 11.2% during the fourth quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock valued at $240,000 after purchasing an additional 216 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Activity

In related news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the transaction, the director now directly owns 7,500 shares in the company, valued at $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of McGrath RentCorp from a "buy" rating to a "hold" rating in a report on Friday, March 14th.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $101.86 on Wednesday. The stock has a 50-day simple moving average of $113.19 and a 200 day simple moving average of $115.35. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The stock has a market capitalization of $2.50 billion, a PE ratio of 10.80, a P/E/G ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. As a group, equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.90%. McGrath RentCorp's payout ratio is presently 20.57%.

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.

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