Renaissance Technologies LLC Purchases New Shares in McGrath RentCorp (NASDAQ:MGRC)

Renaissance Technologies LLC acquired a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 27,682 shares of the financial services provider's stock, valued at approximately $3,095,000. Renaissance Technologies LLC owned 0.11% of McGrath RentCorp as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the company. Atala Financial Inc acquired a new position in McGrath RentCorp in the 4th quarter worth about $31,000. New Age Alpha Advisors LLC purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $33,000. KBC Group NV raised its stake in shares of McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after buying an additional 286 shares during the period. Xponance Inc. acquired a new position in shares of McGrath RentCorp during the 4th quarter worth approximately $200,000. Finally, Empirical Asset Management LLC purchased a new position in shares of McGrath RentCorp during the 4th quarter valued at approximately $207,000. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $102.52 on Thursday. The stock has a market capitalization of $2.52 billion, a P/E ratio of 10.87, a PEG ratio of 1.35 and a beta of 0.62. The business has a 50 day simple moving average of $112.84 and a two-hundred day simple moving average of $115.26. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93.

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

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. McGrath RentCorp's dividend payout ratio is currently 20.57%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $935,175. This represents a 11.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by insiders.

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.

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