Granahan Investment Management LLC Makes New $4.64 Million Investment in McGrath RentCorp (NASDAQ:MGRC)

Granahan Investment Management LLC acquired a new stake in shares of McGrath RentCorp (NASDAQ:MGRC) during the fourth quarter, HoldingsChannel reports. The firm acquired 41,533 shares of the financial services provider’s stock, valued at approximately $4,644,000.

Other large investors have also modified their holdings of the company. Atala Financial Inc acquired a new stake in McGrath RentCorp during the fourth quarter worth $31,000. New Age Alpha Advisors LLC acquired a new stake in shares of McGrath RentCorp during the 4th quarter valued at about $33,000. Canada Pension Plan Investment Board bought a new stake in McGrath RentCorp in the fourth quarter valued at about $89,000. KBC Group NV increased its stake in McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 286 shares during the period. Finally, Focus Partners Wealth acquired a new position in McGrath RentCorp in the fourth quarter worth about $136,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $110.18 on Friday. The company’s fifty day moving average is $109.08 and its 200-day moving average is $115.34. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The company has a market capitalization of $2.71 billion, a PE ratio of 11.68, a P/E/G ratio of 1.35 and a beta of 0.66.

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

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.76%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Wednesday, April 16th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.10%.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were 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 owns 7,500 shares in the company, valued at approximately $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph F. Hanna sold 5,567 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $108.89, for a total transaction of $606,190.63. Following the completion of the transaction, the chief executive officer now directly owns 176,897 shares of the company’s stock, valued at approximately $19,262,314.33. This represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,871 shares of company stock worth $1,506,731. 1.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

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

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.