Clearline Capital LP Has $5.35 Million Stake in McGrath RentCorp (NASDAQ:MGRC)

Clearline Capital LP reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 57.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 47,878 shares of the financial services provider’s stock after selling 65,878 shares during the quarter. Clearline Capital LP owned about 0.20% of McGrath RentCorp worth $5,354,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC boosted its position in McGrath RentCorp by 3.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,602 shares of the financial services provider’s stock worth $291,000 after acquiring an additional 86 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of McGrath RentCorp by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,553 shares of the financial services provider’s stock worth $285,000 after buying an additional 162 shares during the last quarter. Sei Investments Co. boosted its stake in McGrath RentCorp by 1.8% in the 4th quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider’s stock valued at $1,182,000 after purchasing an additional 184 shares during the period. Forum Financial Management LP increased its position 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 worth $240,000 after acquiring an additional 216 shares during the period. Finally, EP Wealth Advisors LLC raised its position in shares of McGrath RentCorp by 11.0% in the fourth quarter. EP Wealth Advisors LLC now owns 2,416 shares of the financial services provider’s stock valued at $270,000 after buying an additional 239 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $108.96 on Thursday. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 11.55, a P/E/G ratio of 1.35 and a beta of 0.66. The firm’s 50-day simple moving average is $109.35 and its two-hundred day simple moving average is $115.19. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. Analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were issued a $0.485 dividend. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Wednesday, April 16th. McGrath RentCorp’s payout ratio is presently 20.10%.

Analyst Ratings Changes

Separately, StockNews.com raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

Insider Buying and Selling

In other news, CEO Joseph F. Hanna sold 5,567 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the sale, the chief executive officer now owns 176,897 shares of the company’s stock, valued at $19,262,314.33. This represents a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Philip B. Hawkins sold 4,804 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $103.57, for a total transaction of $497,550.28. Following the sale, the chief operating officer now directly owns 3,150 shares of the company’s stock, valued at approximately $326,245.50. This represents a 60.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,371 shares of company stock worth $1,228,431. 1.60% of the stock is owned by corporate 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.