McGrath RentCorp (NASDAQ:MGRC) Receives New Coverage from Analysts at StockNews.com

StockNews.com started coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a report issued on Monday. The firm issued a hold rating on the financial services provider’s stock.

McGrath RentCorp Trading Down 0.3 %

Shares of MGRC stock opened at $109.83 on Monday. The company’s fifty day moving average price is $116.70 and its 200-day moving average price is $113.78. The stock has a market cap of $2.70 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82. McGrath RentCorp has a 12 month low of $87.72 and a 12 month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data 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. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The business had revenue of $187.80 million for the quarter, compared to analyst estimates of $145.63 million. During the same quarter in the previous year, the firm posted $0.89 earnings per share. McGrath RentCorp’s quarterly revenue was up 14.7% on a year-over-year basis. On average, sell-side analysts forecast that McGrath RentCorp will post 5.05 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th were paid a $0.475 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date was Monday, April 15th. This represents a $1.90 dividend on an annualized basis and a yield of 1.73%. McGrath RentCorp’s payout ratio is presently 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

A number of hedge funds have recently added to or reduced their stakes in MGRC. Allianz Asset Management GmbH lifted its holdings in shares of McGrath RentCorp by 0.4% during the 4th quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock valued at $2,987,000 after buying an additional 90 shares during the period. Arcadia Investment Management Corp MI grew its holdings in McGrath RentCorp by 1.1% during the 4th quarter. Arcadia Investment Management Corp MI now owns 9,607 shares of the financial services provider’s stock valued at $1,149,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System increased its holdings in McGrath RentCorp by 1.7% in the 3rd quarter. Arizona State Retirement System now owns 6,969 shares of the financial services provider’s stock valued at $699,000 after acquiring an additional 118 shares during the last quarter. Sei Investments Co. raised its holdings in shares of McGrath RentCorp by 2.9% during the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 126 shares in the last quarter. Finally, Diversified Trust Co grew its position in McGrath RentCorp by 4.2% in the third quarter. Diversified Trust Co now owns 3,628 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 147 shares in the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

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.