McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Neumeier Poma Investment Counsel LLC

Neumeier Poma Investment Counsel LLC raised its position in McGrath RentCorp (NASDAQ:MGRC) by 127.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 204,806 shares of the financial services provider’s stock after buying an additional 114,626 shares during the period. McGrath RentCorp makes up about 2.2% of Neumeier Poma Investment Counsel LLC’s holdings, making the stock its 21st biggest holding. Neumeier Poma Investment Counsel LLC’s holdings in McGrath RentCorp were worth $22,901,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in McGrath RentCorp by 1,487.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 2,648 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of McGrath RentCorp during the third quarter worth approximately $816,000. Asset Management One Co. Ltd. bought a new stake in shares of McGrath RentCorp in the fourth quarter worth $3,833,000. Sanctuary Advisors LLC acquired a new stake in McGrath RentCorp in the third quarter valued at $548,000. Finally, One Wealth Advisors LLC boosted its stake in McGrath RentCorp by 40.1% during the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider’s stock valued at $1,885,000 after acquiring an additional 4,824 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MGRC shares. CJS Securities assumed coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 target price for the company. StockNews.com cut McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Friday, March 14th.

Insider Transactions at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,000 shares of the business’s 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 of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Insiders own 1.60% of the company’s stock.

McGrath RentCorp Price Performance

Shares of MGRC opened at $116.44 on Thursday. The stock has a market capitalization of $2.86 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.35 and a beta of 0.75. The business’s fifty day moving average price is $119.56 and its 200 day moving average price is $115.05. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping 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. As a group, research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. This represents a $1.94 annualized dividend and a dividend yield of 1.67%. McGrath RentCorp’s dividend payout ratio is 20.57%.

About McGrath RentCorp

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.