Peterson Wealth Services Lowers Position in McGrath RentCorp (NASDAQ:MGRC)

Peterson Wealth Services reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 21.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 17,483 shares of the financial services provider’s stock after selling 4,830 shares during the period. Peterson Wealth Services’ holdings in McGrath RentCorp were worth $2,091,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Hamilton Point Investment Advisors LLC increased its holdings in McGrath RentCorp by 1.2% during the 4th quarter. Hamilton Point Investment Advisors LLC now owns 54,485 shares of the financial services provider’s stock valued at $6,518,000 after acquiring an additional 650 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of McGrath RentCorp during the fourth quarter valued at $395,000. Vaughan Nelson Investment Management L.P. purchased a new stake in McGrath RentCorp during the 4th quarter worth about $25,329,000. Wolf Group Capital Advisors raised its stake in McGrath RentCorp by 6.6% in the 4th quarter. Wolf Group Capital Advisors now owns 16,501 shares of the financial services provider’s stock valued at $1,974,000 after purchasing an additional 1,023 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in 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 purchasing an additional 30,737 shares in the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded up $0.65 during mid-day trading on Thursday, reaching $112.18. The company’s stock had a trading volume of 11,778 shares, compared to its average volume of 321,075. McGrath RentCorp has a twelve month low of $85.97 and a twelve month high of $130.86. The company’s fifty day simple moving average is $122.46 and its two-hundred day simple moving average is $112.97. The stock has a market cap of $2.75 billion, a P/E ratio of 15.66, a P/E/G ratio of 1.59 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.07). McGrath RentCorp had a return on equity of 13.63% and a net margin of 20.99%. The company had revenue of $221.59 million for the quarter, compared to analysts’ expectations of $214.43 million. Sell-side analysts expect that McGrath RentCorp will post 5.42 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be paid a dividend of $0.475 per share. The ex-dividend date is Monday, April 15th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a yield of 1.69%. McGrath RentCorp’s dividend payout ratio is currently 26.69%.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on shares of McGrath RentCorp in a research note on Friday, April 12th. They set a “hold” rating on the 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.