Murchinson Ltd. Takes $4.67 Million Position in McGrath RentCorp (NASDAQ:MGRC)

Murchinson Ltd. purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 43,794 shares of the financial services provider’s stock, valued at approximately $4,666,000. McGrath RentCorp accounts for 0.9% of Murchinson Ltd.’s holdings, making the stock its 14th biggest position. Murchinson Ltd. owned approximately 0.18% of McGrath RentCorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in shares of McGrath RentCorp during the first quarter worth $171,000. TFG Advisers LLC bought a new stake in McGrath RentCorp during the 1st quarter valued at about $203,000. J.W. Cole Advisors Inc. bought a new stake in McGrath RentCorp during the 1st quarter valued at about $210,000. Meeder Asset Management Inc. purchased a new stake in McGrath RentCorp in the 1st quarter valued at about $213,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in McGrath RentCorp in the 4th quarter worth about $217,000. 92.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 19th.

McGrath RentCorp Trading Up 4.7 %

Shares of MGRC stock opened at $103.99 on Tuesday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a fifty day simple moving average of $105.84 and a two-hundred day simple moving average of $109.53. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 20.27, a P/E/G ratio of 1.46 and a beta of 0.76.

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 analysts’ consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business had revenue of $212.60 million during the quarter, compared to analysts’ expectations of $210.23 million. During the same period last year, the company earned $1.14 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year. Research analysts predict that McGrath RentCorp will post 5.45 EPS 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. Stockholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.83%. McGrath RentCorp’s dividend payout ratio is presently 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.