McGrath RentCorp (NASDAQ:MGRC) Now Covered by Analysts at StockNews.com

StockNews.com assumed coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a research report sent to investors on Sunday morning. The firm issued a hold rating on the financial services provider’s stock.

McGrath RentCorp Price Performance

Shares of MGRC opened at $111.63 on Friday. The stock has a market capitalization of $2.74 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 1.61 and a beta of 0.77. The business’s fifty day moving average price is $107.96 and its 200 day moving average price is $114.60. McGrath RentCorp has a 12-month low of $89.91 and a 12-month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its 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. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The company had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. During the same period in the prior year, the company earned $0.89 earnings per share. The firm’s revenue was up 14.7% compared to the same quarter last year. As a group, research analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be paid a $0.475 dividend. The ex-dividend date is Wednesday, July 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.70%. McGrath RentCorp’s payout ratio is currently 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

Several institutional investors have recently made changes to their positions in MGRC. Magnetar Financial LLC acquired a new position in McGrath RentCorp during the 1st quarter valued at approximately $84,042,000. Capital Research Global Investors acquired a new position in shares of McGrath RentCorp during the fourth quarter valued at $55,950,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of McGrath RentCorp by 3,216.2% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock valued at $29,767,000 after acquiring an additional 241,340 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of McGrath RentCorp during the fourth quarter worth about $25,329,000. Finally, Norges Bank acquired a new stake in shares of McGrath RentCorp in the 4th quarter worth about $19,469,000. 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.