Dakota Wealth Management Raises Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Dakota Wealth Management raised its stake in McGrath RentCorp (NASDAQ:MGRC) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,098 shares of the financial services provider’s stock after buying an additional 228 shares during the period. Dakota Wealth Management’s holdings in McGrath RentCorp were worth $642,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Sei Investments Co. increased its holdings in McGrath RentCorp by 2.9% in the first quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock valued at $552,000 after buying an additional 126 shares in the last quarter. Arizona State Retirement System increased its holdings in McGrath RentCorp by 2.1% in the second quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after buying an additional 141 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in McGrath RentCorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after buying an additional 185 shares in the last quarter. Cim LLC increased its holdings in McGrath RentCorp by 4.6% in the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after buying an additional 205 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in McGrath RentCorp by 2.1% in the second quarter. AQR Capital Management LLC now owns 10,146 shares of the financial services provider’s stock valued at $1,081,000 after buying an additional 207 shares in the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MGRC shares. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd. Oppenheimer raised their price objective on shares of McGrath RentCorp from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday.

McGrath RentCorp Price Performance

Shares of MGRC opened at $114.17 on Monday. The firm has a 50 day simple moving average of $105.85 and a 200-day simple moving average of $107.30. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The firm had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. During the same quarter last year, the business earned $1.65 earnings per share. McGrath RentCorp’s revenue was up 9.5% compared to the same quarter last year. On average, equities analysts expect that McGrath RentCorp will post 4.48 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors 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 dividend on an annualized basis and a yield of 1.66%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 40.25%.

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.