Strs Ohio Lowers Holdings in McGrath RentCorp (NASDAQ:MGRC)

Strs Ohio trimmed its holdings in McGrath RentCorp (NASDAQ:MGRC) by 58.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,900 shares of the financial services provider’s stock after selling 2,700 shares during the quarter. Strs Ohio’s holdings in McGrath RentCorp were worth $227,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Arizona State Retirement System boosted its position in shares of McGrath RentCorp by 1.7% during the third quarter. Arizona State Retirement System now owns 6,969 shares of the financial services provider’s stock worth $699,000 after acquiring an additional 118 shares during the last quarter. Diversified Trust Co grew its position in shares of McGrath RentCorp by 4.2% during the third quarter. Diversified Trust Co now owns 3,628 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 147 shares in the last quarter. Adirondack Trust Co. bought a new stake in shares of McGrath RentCorp in the third quarter worth about $50,000. Swiss National Bank lifted its position in shares of McGrath RentCorp by 1.3% in the third quarter. Swiss National Bank now owns 53,800 shares of the financial services provider’s stock worth $5,393,000 after buying an additional 700 shares in the last quarter. Finally, Wolf Group Capital Advisors boosted its stake in McGrath RentCorp by 6.6% during the fourth quarter. Wolf Group Capital Advisors now owns 16,501 shares of the financial services provider’s stock valued at $1,974,000 after buying an additional 1,023 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com started coverage on McGrath RentCorp in a report on Sunday. They set a “hold” rating on the stock.

McGrath RentCorp Stock Down 1.6 %

Shares of NASDAQ:MGRC opened at $109.97 on Tuesday. The firm has a fifty day simple moving average of $119.33 and a two-hundred day simple moving average of $113.51. McGrath RentCorp has a 52 week low of $86.50 and a 52 week high of $130.86. The stock has a market capitalization of $2.70 billion, a P/E ratio of 21.44, a PEG ratio of 1.59 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 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.20. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The firm had revenue of $187.80 million during the quarter, compared to the consensus estimate of $145.63 million. During the same quarter last year, the firm earned $0.89 EPS. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. On average, analysts expect that McGrath RentCorp will post 5.42 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently announced 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 1.73%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.47. McGrath RentCorp’s payout ratio is currently 37.04%.

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.