Navellier & Associates Inc Invests $771,000 in McGrath RentCorp (MGRC) Stock
Navellier & Associates Inc purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 12,179 shares of the financial services provider’s stock, valued at approximately $771,000. Navellier & Associates Inc owned approximately 0.05% of McGrath RentCorp at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of MGRC. SG Americas Securities LLC purchased a new position in McGrath RentCorp in the 1st quarter worth about $195,000. Element Capital Management LLC purchased a new position in McGrath RentCorp in the 1st quarter worth about $200,000. Osterweis Capital Management Inc. purchased a new position in McGrath RentCorp in the 1st quarter worth about $211,000. Lido Advisors LLC purchased a new position in McGrath RentCorp in the 1st quarter worth about $226,000. Finally, Amalgamated Bank purchased a new position in McGrath RentCorp in the 2nd quarter worth about $233,000. 81.69% of the stock is currently owned by hedge funds and other institutional investors.
Shares of McGrath RentCorp opened at $58.02 on Friday, according to Marketbeat. The stock has a market capitalization of $1.39 billion, a P/E ratio of 23.52, a P/E/G ratio of 2.10 and a beta of 0.84. McGrath RentCorp has a 1-year low of $38.06 and a 1-year high of $68.79.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 31st. Shareholders of record on Tuesday, July 17th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Monday, July 16th. This represents a $1.36 annualized dividend and a yield of 2.34%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 63.55%.
In other McGrath RentCorp news, CFO Keith E. Pratt sold 2,840 shares of McGrath RentCorp stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $65.52, for a total transaction of $186,076.80. Following the transaction, the chief financial officer now owns 25,382 shares of the company’s stock, valued at approximately $1,663,028.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John P. Skenesky sold 1,614 shares of McGrath RentCorp stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $67.39, for a total value of $108,767.46. Following the transaction, the vice president now directly owns 1,716 shares in the company, valued at approximately $115,641.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,551 shares of company stock worth $1,397,238. Company insiders own 2.00% of the company’s stock.
A number of equities analysts recently weighed in on the company. BidaskClub cut McGrath RentCorp from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 8th. Zacks Investment Research cut McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Finally, ValuEngine cut McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Monday, July 30th.
About McGrath RentCorp
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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