ExodusPoint Capital Management LP Raises Position in McGrath RentCorp (NASDAQ:MGRC)

ExodusPoint Capital Management LP lifted its stake in McGrath RentCorp (NASDAQ:MGRC) by 4.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,423 shares of the financial services provider’s stock after purchasing an additional 8,688 shares during the period. ExodusPoint Capital Management LP owned 0.77% of McGrath RentCorp worth $21,069,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Atala Financial Inc purchased a new stake in McGrath RentCorp in the fourth quarter worth about $31,000. New Age Alpha Advisors LLC bought a new position in shares of McGrath RentCorp during the 4th quarter valued at approximately $33,000. KBC Group NV increased its holdings in McGrath RentCorp by 37.3% in the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 286 shares in the last quarter. Xponance Inc. bought a new stake in McGrath RentCorp during the 4th quarter worth approximately $200,000. Finally, Millburn Ridgefield Corp purchased a new position in McGrath RentCorp during the third quarter valued at approximately $203,000. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Price Performance

Shares of MGRC opened at $113.22 on Thursday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93. The company has a 50 day simple moving average of $118.88 and a two-hundred day simple moving average of $115.40. The firm has a market cap of $2.78 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.35 and a beta of 0.62.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $243.75 million for the quarter, compared to the consensus estimate of $246.93 million. On average, sell-side analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.71%. 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 (DPR) is currently 20.57%.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at $935,175. This trade 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 through this link. Corporate insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MGRC shares. StockNews.com downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. CJS Securities began coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective on the stock.

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.