McGrath RentCorp (NASDAQ:MGRC) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a report published on Sunday. The brokerage issued a hold rating on the financial services provider’s stock.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC opened at $106.73 on Friday. The stock has a market cap of $2.62 billion, a PE ratio of 20.81, a price-to-earnings-growth ratio of 1.70 and a beta of 0.80. McGrath RentCorp has a 1 year low of $86.50 and a 1 year high of $130.86. The firm has a fifty day moving average price of $118.49 and a 200-day moving average price of $113.49.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.20. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. The business had revenue of $187.80 million during the quarter, compared to analyst estimates of $145.63 million. During the same quarter in the prior year, the business posted $0.89 EPS. McGrath RentCorp’s revenue for the quarter was up 14.7% compared to the same quarter last year. On average, research analysts expect that McGrath RentCorp will post 4.97 EPS for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th were paid a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.78%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Monday, April 15th. McGrath RentCorp’s dividend payout ratio is presently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Several institutional investors and hedge funds have recently modified their holdings of MGRC. Adirondack Trust Co. bought a new position in shares of McGrath RentCorp during the third quarter worth $50,000. Global Retirement Partners LLC bought a new position in shares of McGrath RentCorp during the 1st quarter valued at about $66,000. J.W. Cole Advisors Inc. purchased a new position in shares of McGrath RentCorp during the first quarter valued at about $210,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of McGrath RentCorp in the fourth quarter worth about $217,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of McGrath RentCorp in the third quarter worth about $221,000. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

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.