Anchor Capital Advisors LLC Buys 1,612 Shares of McGrath RentCorp (NASDAQ:MGRC)

Anchor Capital Advisors LLC boosted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 17.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,794 shares of the financial services provider’s stock after purchasing an additional 1,612 shares during the quarter. Anchor Capital Advisors LLC’s holdings in McGrath RentCorp were worth $1,291,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Adirondack Trust Co. bought a new position in shares of McGrath RentCorp in the third quarter valued at about $50,000. EP Wealth Advisors LLC acquired a new position in shares of McGrath RentCorp during the third quarter worth approximately $221,000. Dakota Wealth Management acquired a new position in shares of McGrath RentCorp during the third quarter worth approximately $272,000. Navellier & Associates Inc. bought a new stake in shares of McGrath RentCorp during the third quarter valued at approximately $306,000. Finally, Inspire Investing LLC acquired a new stake in shares of McGrath RentCorp in the third quarter valued at approximately $307,000. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Performance

McGrath RentCorp stock traded down $0.53 during midday trading on Tuesday, reaching $109.44. The stock had a trading volume of 19,079 shares, compared to its average volume of 309,024. The stock has a market capitalization of $2.69 billion, a P/E ratio of 21.44, a price-to-earnings-growth ratio of 1.59 and a beta of 0.80. McGrath RentCorp has a 1-year low of $86.50 and a 1-year high of $130.86. The firm’s fifty day simple moving average is $119.33 and its 200-day simple moving average is $113.51.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.73 by $0.20. The business had revenue of $187.80 million during the quarter, compared to analysts’ expectations of $145.63 million. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 earnings per share. On average, sell-side analysts anticipate that McGrath RentCorp will post 5.42 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.74%. The ex-dividend date is Monday, April 15th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.47. McGrath RentCorp’s dividend payout ratio is presently 37.04%.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on shares of McGrath RentCorp in a research note on Sunday. They issued a “hold” rating on the stock.

McGrath RentCorp 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.