McGrath RentCorp (NASDAQ:MGRC) Hits New 12-Month Low at $95.50

McGrath RentCorp (NASDAQ:MGRC) shares reached a new 52-week low on Wednesday . The company traded as low as $95.50 and last traded at $99.25, with a volume of 196599 shares. The stock had previously closed at $102.19.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th.

McGrath RentCorp Price Performance

The business has a 50 day moving average of $106.50 and a 200 day moving average of $110.17. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.46 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The company had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. During the same period last year, the company earned $1.14 earnings per share. The business’s revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts predict that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be issued a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Institutional Trading of McGrath RentCorp

Several institutional investors and hedge funds have recently bought and sold shares of MGRC. Magnetar Financial LLC acquired a new position in shares of McGrath RentCorp during the 1st quarter worth approximately $84,042,000. Capital Research Global Investors bought a new stake in McGrath RentCorp in the 4th quarter valued at $55,950,000. Public Employees Retirement Association of Colorado grew its holdings in McGrath RentCorp by 3,216.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock valued at $29,767,000 after buying an additional 241,340 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of McGrath RentCorp by 82.3% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock valued at $47,619,000 after acquiring an additional 174,240 shares during the period. Finally, Norges Bank acquired a new position in shares of McGrath RentCorp in the fourth quarter valued at about $19,469,000. 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.