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

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

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC opened at $99.20 on Thursday. The firm has a market capitalization of $2.44 billion, a PE ratio of 19.34, 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 fifty day moving average price is $106.17 and its two-hundred day moving average price is $110.02.

McGrath RentCorp (NASDAQ:MGRC) last issued 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 the consensus estimate of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. Equities research analysts expect that McGrath RentCorp will post 5.45 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

Institutional Trading of McGrath RentCorp

Several hedge funds have recently added to or reduced their stakes in MGRC. Cim LLC grew its stake in shares of McGrath RentCorp by 4.6% in the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock worth $475,000 after purchasing an additional 205 shares in the last quarter. Algert Global LLC bought a new position in McGrath RentCorp in the 2nd quarter valued at about $1,665,000. Murchinson Ltd. bought a new position in McGrath RentCorp in the 2nd quarter valued at about $7,466,000. Susquehanna Fundamental Investments LLC acquired a new position in McGrath RentCorp during the 2nd quarter valued at about $498,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of McGrath RentCorp by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after buying an additional 185 shares in the last quarter. 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.