McGrath RentCorp (NASDAQ:MGRC) Raised to Hold at StockNews.com

StockNews.com upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a sell rating to a hold rating in a report published on Thursday.

McGrath RentCorp Stock Up 0.1 %

Shares of McGrath RentCorp stock opened at $99.30 on Thursday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.46 and a beta of 0.76. The firm’s 50-day moving average price is $105.98 and its two-hundred day moving average price is $109.66.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The firm had revenue of $212.60 million for the quarter, compared to analyst estimates of $210.23 million. During the same quarter in the prior year, the business posted $1.14 EPS. The business’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts expect that McGrath RentCorp will post 5.45 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake in McGrath RentCorp by 33.4% in the 4th quarter. Principal Financial Group Inc. now owns 9,667 shares of the financial services provider’s stock valued at $1,156,000 after purchasing an additional 2,418 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of McGrath RentCorp during the 4th quarter valued at $217,000. Norges Bank bought a new stake in McGrath RentCorp during the 4th quarter worth $19,469,000. UBS Group AG increased its holdings in McGrath RentCorp by 21.7% in the 4th quarter. UBS Group AG now owns 74,639 shares of the financial services provider’s stock worth $8,928,000 after purchasing an additional 13,313 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in McGrath RentCorp by 48.1% in the fourth quarter. Clearbridge Investments LLC now owns 304,419 shares of the financial services provider’s stock valued at $36,415,000 after purchasing an additional 98,851 shares during the last quarter. 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.