McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Sei Investments Co.

Sei Investments Co. raised its holdings in McGrath RentCorp (NASDAQ:MGRC) by 4.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,656 shares of the financial services provider’s stock after acquiring an additional 183 shares during the quarter. Sei Investments Co.’s holdings in McGrath RentCorp were worth $496,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in MGRC. Swedbank AB increased its holdings in shares of McGrath RentCorp by 66.7% in the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after purchasing an additional 80,000 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of McGrath RentCorp during the 1st quarter worth approximately $1,008,000. Vaughan Nelson Investment Management L.P. boosted its stake in shares of McGrath RentCorp by 26.0% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock worth $51,803,000 after acquiring an additional 100,210 shares in the last quarter. Vanguard Group Inc. increased its stake in McGrath RentCorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after purchasing an additional 11,280 shares in the last quarter. Finally, Gabelli Funds LLC raised its holdings in McGrath RentCorp by 297.8% during the first quarter. Gabelli Funds LLC now owns 59,670 shares of the financial services provider’s stock worth $7,361,000 after purchasing an additional 44,670 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $107.97 on Thursday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The business has a 50 day moving average price of $104.59 and a 200 day moving average price of $108.46. The company has a market capitalization of $2.65 billion, a P/E ratio of 21.10, a P/E/G ratio of 1.47 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results 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). The company had revenue of $212.60 million during the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $1.14 earnings per share. As a group, research analysts expect 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 will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.76%. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Oppenheimer initiated coverage on McGrath RentCorp in a report on Wednesday, September 25th. They issued an “outperform” rating and a $120.00 target price on the stock. StockNews.com cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th.

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.