McGrath RentCorp (NASDAQ:MGRC) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a report issued on Saturday. The brokerage issued a hold rating on the financial services provider’s stock.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $110.81 on Friday. The stock has a 50-day moving average price of $107.45 and a 200 day moving average price of $114.82. McGrath RentCorp has a one year low of $89.91 and a one year high of $130.86. The company has a market capitalization of $2.72 billion, a P/E ratio of 21.29, a P/E/G ratio of 1.66 and a beta of 0.77.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.20. The business had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 EPS. As a group, equities research analysts forecast that McGrath RentCorp will post 5.05 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Wednesday, July 17th. McGrath RentCorp’s payout ratio is currently 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH boosted its stake in shares of McGrath RentCorp by 0.4% during the 4th quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock worth $2,987,000 after acquiring an additional 90 shares in the last quarter. Arcadia Investment Management Corp MI boosted its stake in shares of McGrath RentCorp by 1.1% during the 4th quarter. Arcadia Investment Management Corp MI now owns 9,607 shares of the financial services provider’s stock worth $1,149,000 after acquiring an additional 100 shares in the last quarter. Sei Investments Co. boosted its stake in shares of McGrath RentCorp by 2.9% during the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 126 shares in the last quarter. Diversified Trust Co boosted its stake in shares of McGrath RentCorp by 4.7% during the 4th quarter. Diversified Trust Co now owns 3,799 shares of the financial services provider’s stock worth $454,000 after acquiring an additional 171 shares in the last quarter. Finally, Chatham Capital Group Inc. boosted its stake in shares of McGrath RentCorp by 1.1% during the 2nd quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider’s stock worth $2,734,000 after acquiring an additional 280 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

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.