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

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

McGrath RentCorp Stock Performance

Shares of MGRC opened at $107.93 on Friday. The stock’s 50-day simple moving average is $120.82 and its 200 day simple moving average is $113.33. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 15.16, a price-to-earnings-growth ratio of 1.57 and a beta of 0.80. McGrath RentCorp has a 52-week low of $85.97 and a 52-week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.07). McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. The business had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $214.43 million. On average, research analysts forecast that McGrath RentCorp will post 5.42 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Monday, April 15th. This represents a $1.90 annualized dividend and a dividend yield of 1.76%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. McGrath RentCorp’s dividend payout ratio (DPR) is presently 26.69%.

Institutional Trading of McGrath RentCorp

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. raised its holdings in shares of McGrath RentCorp by 244.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,333 shares of the financial services provider’s stock valued at $5,183,000 after acquiring an additional 30,737 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of McGrath RentCorp by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,679,998 shares of the financial services provider’s stock valued at $268,643,000 after buying an additional 22,273 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of McGrath RentCorp during the 4th quarter valued at about $25,329,000. UBS Group AG raised its holdings in shares of McGrath RentCorp by 26.9% during the 3rd quarter. UBS Group AG now owns 61,326 shares of the financial services provider’s stock valued at $6,147,000 after buying an additional 12,981 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new position in shares of McGrath RentCorp during the 3rd quarter valued at about $838,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

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.