Schroder Investment Management Group bought a new position in McGrath RentCorp (NASDAQ:MGRC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 56,718 shares of the financial services provider’s stock, valued at approximately $3,089,000. Schroder Investment Management Group owned about 0.23% of McGrath RentCorp at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in McGrath RentCorp during the 2nd quarter valued at about $278,000. First Trust Advisors LP grew its stake in McGrath RentCorp by 77.1% during the 2nd quarter. First Trust Advisors LP now owns 65,520 shares of the financial services provider’s stock valued at $4,145,000 after purchasing an additional 28,525 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in McGrath RentCorp during the 2nd quarter valued at about $1,839,000. Virginia Retirement Systems ET AL purchased a new stake in McGrath RentCorp during the 2nd quarter valued at about $791,000. Finally, Sei Investments Co. grew its stake in McGrath RentCorp by 57,291.2% during the 2nd quarter. Sei Investments Co. now owns 19,513 shares of the financial services provider’s stock valued at $1,235,000 after purchasing an additional 19,479 shares during the last quarter. 83.06% of the stock is owned by institutional investors.
Several analysts have weighed in on MGRC shares. ValuEngine downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Berenberg Bank started coverage on McGrath RentCorp in a research note on Wednesday, September 19th. They issued a “buy” rating and a $70.00 target price on the stock. BidaskClub upgraded McGrath RentCorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Finally, Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 target price on the stock in a research note on Friday, November 2nd.
In other news, VP Keith E. Pratt sold 1,841 shares of the company’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $53.00, for a total value of $97,573.00. Following the sale, the vice president now owns 25,382 shares in the company, valued at $1,345,246. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Lieffrig sold 1,284 shares of the company’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $54.43, for a total value of $69,888.12. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.
Shares of MGRC opened at $52.13 on Friday. McGrath RentCorp has a 52 week low of $42.98 and a 52 week high of $68.79. The stock has a market capitalization of $1.27 billion, a PE ratio of 24.36, a P/E/G ratio of 1.78 and a beta of 0.72.
McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Tuesday, October 30th. The financial services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.11. McGrath RentCorp had a return on equity of 12.61% and a net margin of 35.47%. The firm had revenue of $143.10 million for the quarter, compared to the consensus estimate of $139.87 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. The company’s revenue was up 5.7% compared to the same quarter last year. As a group, research analysts expect that McGrath RentCorp will post 2.95 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 31st. Stockholders of record on Thursday, January 17th will be paid a $0.34 dividend. The ex-dividend date is Wednesday, January 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.61%. McGrath RentCorp’s payout ratio is 63.55%.
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McGrath RentCorp Profile
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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