McGrath RentCorp (NASDAQ:MGRC) Position Lowered by Mondrian Investment Partners LTD
Mondrian Investment Partners LTD reduced its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 16.8% during the second quarter, Holdings Channel reports. The institutional investor owned 69,139 shares of the financial services provider’s stock after selling 13,971 shares during the period. Mondrian Investment Partners LTD’s holdings in McGrath RentCorp were worth $2,394,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth approximately $16,302,000. Vanguard Group Inc. increased its stake in shares of McGrath RentCorp by 17.0% in the first quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock worth $70,282,000 after buying an additional 304,573 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of McGrath RentCorp by 36.5% in the first quarter. Renaissance Technologies LLC now owns 571,595 shares of the financial services provider’s stock worth $19,188,000 after buying an additional 152,800 shares in the last quarter. Kennedy Capital Management Inc. increased its stake in shares of McGrath RentCorp by 130.5% in the first quarter. Kennedy Capital Management Inc. now owns 97,030 shares of the financial services provider’s stock worth $3,257,000 after buying an additional 54,929 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in shares of McGrath RentCorp during the second quarter worth approximately $1,482,000. 82.64% of the stock is owned by institutional investors and hedge funds.
Shares of McGrath RentCorp (MGRC) opened at 38.49 on Friday. The stock has a 50 day moving average price of $35.59 and a 200-day moving average price of $35.18. McGrath RentCorp has a 12 month low of $29.27 and a 12 month high of $41.61. The stock has a market cap of $923.49 million, a P/E ratio of 22.01 and a beta of 0.97.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.10. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The company had revenue of $109.58 million for the quarter, compared to the consensus estimate of $105.36 million. During the same period in the previous year, the business earned $0.38 EPS. The company’s revenue was up 6.3% on a year-over-year basis. On average, analysts forecast that McGrath RentCorp will post $1.88 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Monday, July 17th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.70%. The ex-dividend date was Thursday, July 13th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 59.43%.
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MGRC has been the subject of a number of recent analyst reports. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Friday, May 5th. BidaskClub downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.
In other McGrath RentCorp news, Director Elizabeth A. Fetter sold 2,000 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $36.02, for a total transaction of $72,040.00. Following the sale, the director now directly owns 5,400 shares of the company’s stock, valued at approximately $194,508. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Keith E. Pratt sold 3,261 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $40.73, for a total transaction of $132,820.53. Following the sale, the vice president now directly owns 26,000 shares in the company, valued at $1,058,980. The disclosure for this sale can be found here. 4.60% of the stock is owned by insiders.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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