McGrath RentCorp (MGRC) Stake Boosted by Deprince Race & Zollo Inc.
Deprince Race & Zollo Inc. raised its stake in McGrath RentCorp (NASDAQ:MGRC) by 4.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,119,041 shares of the financial services provider’s stock after buying an additional 45,353 shares during the period. Deprince Race & Zollo Inc. owned about 4.67% of McGrath RentCorp worth $38,752,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. US Bancorp DE increased its position in shares of McGrath RentCorp by 17,333.3% in the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,160 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of McGrath RentCorp by 260.7% in the second quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock valued at $155,000 after buying an additional 3,241 shares in the last quarter. Airain ltd acquired a new position in shares of McGrath RentCorp during the first quarter valued at approximately $201,000. Legal & General Group Plc increased its position in shares of McGrath RentCorp by 2.4% in the second quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock valued at $252,000 after buying an additional 172 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware increased its position in shares of McGrath RentCorp by 1.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 7,769 shares of the financial services provider’s stock valued at $261,000 after buying an additional 130 shares in the last quarter. 82.61% of the stock is currently owned by institutional investors.
Shares of McGrath RentCorp (NASDAQ MGRC) opened at 39.12 on Thursday. McGrath RentCorp has a 52-week low of $29.26 and a 52-week high of $41.61. The company has a market capitalization of $938.61 million, a PE ratio of 22.37 and a beta of 0.97. The stock’s 50 day moving average price is $36.05 and its 200-day moving average price is $35.16.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The company had revenue of $109.58 million during the quarter, compared to analysts’ expectations of $105.36 million. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. On average, analysts expect that McGrath RentCorp will post $1.88 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Monday, July 17th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.66%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 59.43%.
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MGRC has been the topic of several recent analyst reports. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Saturday, August 5th. BidaskClub raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th.
In other news, VP Keith E. Pratt sold 3,261 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $40.73, for a total transaction of $132,820.53. Following the transaction, the vice president now owns 26,000 shares in the company, valued at $1,058,980. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John P. Skenesky sold 7,561 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the transaction, the vice president now owns 6,387 shares in the company, valued at approximately $245,707.89. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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