McGrath RentCorp (NASDAQ:MGRC) Upgraded to “Hold” at StockNews.com

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

McGrath RentCorp Price Performance

NASDAQ MGRC opened at $99.30 on Thursday. The firm has a market capitalization of $2.44 billion, a P/E ratio of 19.36, a P/E/G ratio of 1.46 and a beta of 0.76. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The business’s 50-day simple moving average is $105.98 and its 200-day simple moving average is $109.75.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data 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 firm had revenue of $212.60 million during the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business’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 earned $1.14 earnings per share. On average, equities research analysts expect that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds have recently modified their holdings of MGRC. Principal Financial Group Inc. raised its holdings in shares of McGrath RentCorp by 33.4% during 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 buying an additional 2,418 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in McGrath RentCorp during the 4th quarter worth approximately $217,000. Norges Bank purchased a new stake in McGrath RentCorp during the 4th quarter worth approximately $19,469,000. UBS Group AG increased its holdings in McGrath RentCorp by 21.7% during 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 during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in McGrath RentCorp by 48.1% during the 4th quarter. Clearbridge Investments LLC now owns 304,419 shares of the financial services provider’s stock worth $36,415,000 after purchasing an additional 98,851 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

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.