Public Employees Retirement Association of Colorado grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 19.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,080 shares of the financial services provider’s stock after buying an additional 30,650 shares during the period. Public Employees Retirement Association of Colorado owned 0.79% of McGrath RentCorp worth $10,354,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP raised its stake in McGrath RentCorp by 21.1% in the third quarter. First Trust Advisors LP now owns 79,330 shares of the financial services provider’s stock valued at $4,321,000 after buying an additional 13,810 shares during the last quarter. SG Capital Management LLC raised its stake in McGrath RentCorp by 11.5% in the third quarter. SG Capital Management LLC now owns 105,027 shares of the financial services provider’s stock valued at $5,721,000 after buying an additional 10,839 shares during the last quarter. Ramsey Quantitative Systems raised its stake in McGrath RentCorp by 219.3% in the third quarter. Ramsey Quantitative Systems now owns 9,038 shares of the financial services provider’s stock valued at $492,000 after buying an additional 6,207 shares during the last quarter. ELM Advisors LLC purchased a new stake in McGrath RentCorp in the third quarter valued at about $131,000. Finally, United Services Automobile Association purchased a new stake in McGrath RentCorp in the second quarter valued at about $316,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP John P. Skenesky sold 1,423 shares of the firm’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $55.75, for a total transaction of $79,332.25. Following the sale, the vice president now directly owns 1,716 shares in the company, valued at $95,667. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, July 31st. The financial services provider reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. McGrath RentCorp had a net margin of 34.37% and a return on equity of 11.91%. The company had revenue of $117.00 million for the quarter, compared to analyst estimates of $112.69 million. During the same period last year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts anticipate that McGrath RentCorp will post 2.73 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Wednesday, October 17th will be issued a dividend of $0.34 per share. The ex-dividend date is Tuesday, October 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.90%. McGrath RentCorp’s payout ratio is 63.55%.
A number of equities research analysts have commented on MGRC shares. Zacks Investment Research cut McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. BidaskClub cut McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 17th. ValuEngine cut McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Finally, Berenberg Bank started coverage on McGrath RentCorp in a research note on Wednesday, September 19th. They issued a “buy” rating and a $70.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. McGrath RentCorp has a consensus rating of “Hold” and an average price target of $63.00.
McGrath RentCorp Company Profile
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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