Algert Global LLC Takes Position in McGrath RentCorp (NASDAQ:MGRC)

Algert Global LLC bought a new position in McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 15,622 shares of the financial services provider’s stock, valued at approximately $1,665,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB lifted its stake 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 acquired a new position in shares of McGrath RentCorp during the 1st quarter valued at $1,008,000. Vaughan Nelson Investment Management L.P. boosted its position in 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 purchasing an additional 100,210 shares during the period. AdvisorShares Investments LLC acquired a new stake in McGrath RentCorp in the 4th quarter valued at $3,432,000. Finally, Vanguard Group Inc. raised its position in McGrath RentCorp by 0.4% in the fourth 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 during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $103.90 on Friday. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The company has a market capitalization of $2.55 billion, a PE ratio of 20.25, a P/E/G ratio of 1.47 and a beta of 0.76. The business has a 50-day moving average of $104.82 and a 200-day moving average of $108.93.

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 analysts’ consensus estimates of $1.25 by ($0.41). The business had revenue of $212.60 million for 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%. McGrath RentCorp’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.14 EPS. On average, equities analysts expect that McGrath RentCorp will post 5.45 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be given 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 1.83%. McGrath RentCorp’s payout ratio is 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.