Panagora Asset Management Inc. Lowers Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Panagora Asset Management Inc. decreased its holdings in McGrath RentCorp (NASDAQ:MGRC) by 38.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,607 shares of the financial services provider’s stock after selling 21,311 shares during the quarter. Panagora Asset Management Inc.’s holdings in McGrath RentCorp were worth $3,687,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Separately, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd.

McGrath RentCorp Stock Up 0.5 %

Shares of McGrath RentCorp stock traded up $0.57 during trading on Friday, reaching $108.15. The company’s stock had a trading volume of 76,196 shares, compared to its average volume of 212,653. The business has a 50 day moving average price of $106.93 and a 200-day moving average price of $112.46. McGrath RentCorp has a 12-month low of $95.71 and a 12-month high of $130.86. The company has a market capitalization of $2.65 billion, a P/E ratio of 20.97, a price-to-earnings-growth ratio of 1.51 and a beta of 0.77.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.84 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 company had revenue of $212.60 million for the quarter, compared to analysts’ expectations of $210.23 million. During the same quarter in the previous year, the firm posted $1.14 earnings per share. McGrath RentCorp’s revenue for the quarter was up 4.7% on a year-over-year basis. Research analysts predict that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 17th were paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Wednesday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is 37.04%.

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.