ExodusPoint Capital Management LP Buys 8,688 Shares of McGrath RentCorp (NASDAQ:MGRC)

ExodusPoint Capital Management LP increased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 4.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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’s holdings in McGrath RentCorp were worth $21,069,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Atala Financial Inc purchased a new stake in shares of McGrath RentCorp during the fourth quarter valued at $31,000. New Age Alpha Advisors LLC bought a new position in McGrath RentCorp in the 4th quarter worth about $33,000. KBC Group NV increased its position in shares of McGrath RentCorp by 37.3% during the fourth 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 during the period. Xponance Inc. purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $200,000. Finally, Millburn Ridgefield Corp bought a new position in McGrath RentCorp in the third quarter worth approximately $203,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $113.22 on Thursday. The company has a market cap of $2.78 billion, a PE ratio of 12.01, a P/E/G ratio of 1.35 and a beta of 0.62. The firm’s 50 day moving average price is $118.88 and its 200-day moving average price is $115.40. 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 earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. On average, analysts forecast 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. Shareholders of record on Wednesday, April 16th will be paid a $0.485 dividend. 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 positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is 20.57%.

Insiders Place Their Bets

In other news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MGRC. CJS Securities began coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price for the company. StockNews.com downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

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.