StockNews.com Initiates Coverage on McGrath RentCorp (NASDAQ:MGRC)

StockNews.com assumed coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a research report issued to clients and investors on Thursday. The brokerage set a “hold” rating on the financial services provider’s stock.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $106.55 on Thursday. The firm’s 50 day moving average price is $108.04 and its 200-day moving average price is $115.58. McGrath RentCorp has a 52-week low of $88.63 and a 52-week high of $130.86. The company has a market cap of $2.62 billion, a PE ratio of 20.77, a P/E/G ratio of 1.48 and a beta of 0.79.

McGrath RentCorp (NASDAQ:MGRC) last announced 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 13.43%. The company had revenue of $187.80 million during the quarter, compared to the consensus estimate of $145.63 million. During the same period last year, the firm earned $0.89 earnings per share. McGrath RentCorp’s revenue was up 14.7% compared to the same quarter last year. On average, analysts forecast that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGRC. Rhumbline Advisers raised its holdings in shares of McGrath RentCorp by 19.1% during the third quarter. Rhumbline Advisers now owns 49,498 shares of the financial services provider’s stock worth $4,962,000 after purchasing an additional 7,923 shares during the last quarter. FMR LLC raised its holdings in shares of McGrath RentCorp by 27.3% during the third quarter. FMR LLC now owns 238,474 shares of the financial services provider’s stock worth $23,905,000 after purchasing an additional 51,124 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of McGrath RentCorp by 44.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 19,732 shares of the financial services provider’s stock worth $1,978,000 after purchasing an additional 6,026 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in shares of McGrath RentCorp during the third quarter worth $330,000. Finally, Diversified Trust Co raised its holdings 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 worth $364,000 after purchasing an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

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.