Public Employees Retirement System of Ohio boosted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 91.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,661 shares of the financial services provider’s stock after buying an additional 10,331 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.09% of McGrath RentCorp worth $1,370,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. WINTON GROUP Ltd lifted its holdings in McGrath RentCorp by 45.0% during the 2nd quarter. WINTON GROUP Ltd now owns 13,966 shares of the financial services provider’s stock valued at $884,000 after buying an additional 4,333 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in McGrath RentCorp during the 2nd quarter valued at about $263,000. Paloma Partners Management Co bought a new stake in McGrath RentCorp during the 2nd quarter valued at about $303,000. Sterling Capital Management LLC bought a new stake in McGrath RentCorp during the 2nd quarter valued at about $218,000. Finally, Bank of America Corp DE lifted its holdings in McGrath RentCorp by 98.3% during the 2nd quarter. Bank of America Corp DE now owns 191,691 shares of the financial services provider’s stock valued at $12,129,000 after buying an additional 95,013 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.
NASDAQ MGRC opened at $49.66 on Friday. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 23.21, a price-to-earnings-growth ratio of 2.00 and a beta of 0.79. McGrath RentCorp has a one year low of $42.98 and a one year high of $68.79.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, July 31st. The financial services provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. The business had revenue of $117.00 million for the quarter, compared to the consensus estimate of $112.69 million. McGrath RentCorp had a net margin of 34.37% and a return on equity of 11.91%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. As a group, equities research analysts expect that McGrath RentCorp will post 2.73 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Wednesday, October 17th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Tuesday, October 16th. McGrath RentCorp’s dividend payout ratio (DPR) is 63.55%.
A number of equities research analysts recently weighed in on the stock. ValuEngine lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Monday, July 30th. BidaskClub lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 20th. Berenberg Bank assumed coverage on shares of McGrath RentCorp in a report on Wednesday, September 19th. They set a “buy” rating and a $70.00 price objective for the company. Finally, Zacks Investment Research lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $63.00.
In other McGrath RentCorp news, VP John P. Skenesky sold 1,423 shares of the firm’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $55.75, for a total transaction of $79,332.25. Following the transaction, the vice president now owns 1,716 shares of the company’s stock, valued at approximately $95,667. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.
McGrath RentCorp 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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