Cwm LLC Reduces Holdings in McGrath RentCorp (NASDAQ:MGRC)

Cwm LLC lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 10.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,928 shares of the financial services provider’s stock after selling 1,404 shares during the period. Cwm LLC’s holdings in McGrath RentCorp were worth $1,427,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. bought a new stake in shares of McGrath RentCorp in the fourth quarter worth $25,329,000. Wellington Management Group LLP increased its stake in shares of McGrath RentCorp by 50.7% in the third quarter. Wellington Management Group LLP now owns 621,008 shares of the financial services provider’s stock worth $62,250,000 after buying an additional 208,819 shares during the last quarter. Clearbridge Investments LLC bought a new stake in shares of McGrath RentCorp in the third quarter worth $20,606,000. Neumeier Poma Investment Counsel LLC increased its stake in McGrath RentCorp by 40.4% during the third quarter. Neumeier Poma Investment Counsel LLC now owns 196,745 shares of the financial services provider’s stock valued at $19,722,000 after purchasing an additional 56,575 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in McGrath RentCorp by 9,509.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 55,257 shares of the financial services provider’s stock valued at $5,539,000 after purchasing an additional 54,682 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com assumed coverage on shares of McGrath RentCorp in a research note on Saturday, April 20th. They set a “hold” rating for the company.

McGrath RentCorp Price Performance

MGRC stock opened at $111.71 on Friday. McGrath RentCorp has a 1-year low of $86.26 and a 1-year high of $130.86. The firm has a fifty day moving average price of $119.70 and a two-hundred day moving average price of $113.34. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 1.55 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last released its 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. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.56%. The firm had revenue of $187.80 million during the quarter, compared to analyst estimates of $145.63 million. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, 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. Stockholders of record on Tuesday, April 16th will be given a dividend of $0.475 per share. The ex-dividend date is Monday, April 15th. This represents a $1.90 annualized dividend and a dividend yield of 1.70%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.47. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

About McGrath RentCorp

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.