SG Americas Securities LLC Acquires 22,108 Shares of McGrath RentCorp $MGRC

SG Americas Securities LLC raised its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 240.3% during the 4th quarter, HoldingsChannel reports. The fund owned 31,308 shares of the financial services provider’s stock after acquiring an additional 22,108 shares during the quarter. SG Americas Securities LLC’s holdings in McGrath RentCorp were worth $3,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. American Century Companies Inc. increased its stake in shares of McGrath RentCorp by 0.7% in the 2nd quarter. American Century Companies Inc. now owns 12,263 shares of the financial services provider’s stock worth $1,422,000 after purchasing an additional 85 shares in the last quarter. Cim LLC lifted its position in McGrath RentCorp by 2.2% during the second quarter. Cim LLC now owns 4,556 shares of the financial services provider’s stock valued at $528,000 after purchasing an additional 99 shares in the last quarter. Diversified Trust Co. grew its holdings in McGrath RentCorp by 4.6% during the fourth quarter. Diversified Trust Co. now owns 2,332 shares of the financial services provider’s stock valued at $245,000 after purchasing an additional 103 shares during the period. Arizona State Retirement System increased its position in McGrath RentCorp by 1.7% in the third quarter. Arizona State Retirement System now owns 7,270 shares of the financial services provider’s stock worth $853,000 after buying an additional 119 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in McGrath RentCorp by 0.5% in the second quarter. California State Teachers Retirement System now owns 22,696 shares of the financial services provider’s stock worth $2,632,000 after buying an additional 119 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $107.53 on Friday. The company has a market cap of $2.65 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.11 and a beta of 0.49. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $128.41. The firm’s fifty day moving average is $111.70 and its two-hundred day moving average is $110.59.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, February 25th. The financial services provider reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.28. McGrath RentCorp had a return on equity of 13.21% and a net margin of 16.55%.The firm had revenue of $256.76 million during the quarter, compared to analyst estimates of $254.32 million. As a group, analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th will be paid a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s dividend payout ratio is presently 30.55%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MGRC shares. Zacks Research upgraded McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 15th. Barclays started coverage on shares of McGrath RentCorp in a research note on Wednesday, February 11th. They set an “overweight” rating and a $140.00 target price on the stock. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a research report on Tuesday, January 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.50.

McGrath RentCorp Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.