Legal & General Group Plc raised its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,252 shares of the financial services provider’s stock after buying an additional 172 shares during the period. Legal & General Group Plc’s holdings in McGrath RentCorp were worth $252,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE boosted its position in McGrath RentCorp by 17,333.3% during the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,160 shares during the period. Bank of America Corp DE boosted its position in McGrath RentCorp by 9.7% during the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock valued at $316,000 after buying an additional 830 shares during the period. Public Employees Retirement System of Ohio boosted its position in McGrath RentCorp by 11.3% during the first quarter. Public Employees Retirement System of Ohio now owns 11,110 shares of the financial services provider’s stock valued at $373,000 after buying an additional 1,128 shares during the period. Lucus Advisors LLC purchased a new stake in McGrath RentCorp during the first quarter valued at about $414,000. Finally, American International Group Inc. boosted its position in McGrath RentCorp by 7.1% during the first quarter. American International Group Inc. now owns 14,461 shares of the financial services provider’s stock valued at $485,000 after buying an additional 964 shares during the period. Institutional investors and hedge funds own 82.54% of the company’s stock.
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Several analysts have issued reports on MGRC shares. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Saturday, August 5th.
Shares of McGrath RentCorp (MGRC) opened at 45.95 on Wednesday. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 26.27 and a beta of 0.97. McGrath RentCorp has a 52-week low of $29.27 and a 52-week high of $46.00. The firm’s 50-day moving average is $41.62 and its 200 day moving average is $36.59.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.10. The firm had revenue of $109.58 million for the quarter, compared to the consensus estimate of $105.36 million. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. Equities analysts expect that McGrath RentCorp will post $1.88 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th will be issued a dividend of $0.26 per share. The ex-dividend date is Monday, October 16th. This represents a $1.04 annualized dividend and a yield of 2.26%. McGrath RentCorp’s payout ratio is 59.43%.
In related news, VP Keith E. Pratt sold 3,261 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $40.73, for a total transaction of $132,820.53. Following the transaction, the vice president now directly owns 26,000 shares in the company, valued at approximately $1,058,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John P. Skenesky sold 7,561 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $38.47, for a total transaction of $290,871.67. Following the transaction, the vice president now owns 6,387 shares in the company, valued at $245,707.89. The disclosure for this sale can be found here. Insiders have sold a total of 18,265 shares of company stock worth $719,958 over the last quarter. 4.60% of the stock is currently owned by insiders.
About McGrath RentCorp
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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