Blue Trust Inc. Takes $383,000 Position in McGrath RentCorp (NASDAQ:MGRC)

Blue Trust Inc. purchased a new stake in McGrath RentCorp (NASDAQ:MGRC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,590 shares of the financial services provider’s stock, valued at approximately $383,000.

Other large investors have also modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of McGrath RentCorp during the 1st quarter worth approximately $66,000. SG Americas Securities LLC bought a new position in shares of McGrath RentCorp during the 1st quarter worth approximately $171,000. TFG Advisers LLC bought a new position in shares of McGrath RentCorp during the 1st quarter worth approximately $203,000. J.W. Cole Advisors Inc. bought a new position in shares of McGrath RentCorp during the 1st quarter worth approximately $210,000. Finally, Meeder Asset Management Inc. bought a new position in shares of McGrath RentCorp during the 1st quarter worth approximately $213,000. Institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Wednesday.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded down $0.31 during trading hours on Friday, hitting $105.39. 91,884 shares of the company were exchanged, compared to its average volume of 222,746. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 1.51 and a beta of 0.77. McGrath RentCorp has a 52-week low of $95.71 and a 52-week high of $130.86. The company’s 50 day moving average price is $106.54 and its 200-day moving average price is $113.78.

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

McGrath RentCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.80%. The ex-dividend date was Wednesday, July 17th. McGrath RentCorp’s dividend payout ratio is presently 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.