McGrath RentCorp (NASDAQ:MGRC) Coverage Initiated by Analysts at StockNews.com

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

McGrath RentCorp Stock Performance

MGRC opened at $106.73 on Friday. The company has a fifty day moving average of $118.49 and a two-hundred day moving average of $113.49. McGrath RentCorp has a fifty-two week low of $86.50 and a fifty-two week high of $130.86. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 20.81, a PEG ratio of 1.70 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.20. The firm had revenue of $187.80 million during the quarter, compared to analyst estimates of $145.63 million. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. McGrath RentCorp’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.89 EPS. On average, equities research analysts forecast that McGrath RentCorp will post 4.97 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 16th were given a dividend of $0.475 per share. This is a positive change 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 dividend yield of 1.78%. McGrath RentCorp’s dividend payout ratio (DPR) is 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGRC. SG Americas Securities LLC purchased a new position in McGrath RentCorp during the third quarter valued at $732,000. Dakota Wealth Management acquired a new position in shares of McGrath RentCorp during the 3rd quarter worth about $272,000. Bank of New York Mellon Corp lifted its stake in McGrath RentCorp by 0.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 171,517 shares of the financial services provider’s stock valued at $17,193,000 after buying an additional 1,351 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in McGrath RentCorp by 30.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,829 shares of the financial services provider’s stock worth $584,000 after buying an additional 1,349 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in McGrath RentCorp by 14.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,126 shares of the financial services provider’s stock worth $1,216,000 after buying an additional 1,574 shares during the last quarter. 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.