McGrath RentCorp (NASDAQ:MGRC) Sees Strong Trading Volume

McGrath RentCorp (NASDAQ:MGRC) shares saw an uptick in trading volume on Thursday . 185,458 shares were traded during trading, a decline of 16% from the previous session’s volume of 221,022 shares.The stock last traded at $99.93 and had previously closed at $98.99.

Analyst Ratings Changes

Separately, StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th.

McGrath RentCorp Stock Up 0.4 %

The company’s fifty day moving average is $106.35 and its 200 day moving average is $110.10. The stock has a market cap of $2.44 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 1.46 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). The company had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS. Equities analysts expect that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be issued a $0.475 dividend. The ex-dividend date is Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.91%. McGrath RentCorp’s payout ratio is currently 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

Several hedge funds have recently bought and sold shares of MGRC. Allianz Asset Management GmbH boosted its position in shares of McGrath RentCorp by 0.4% in the fourth quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock valued at $2,987,000 after acquiring an additional 90 shares during the period. Sei Investments Co. lifted its stake in shares of 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 during the period. Arizona State Retirement System grew its position in McGrath RentCorp by 2.1% during the second quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock worth $732,000 after buying an additional 141 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in McGrath RentCorp by 1.8% during 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 acquiring an additional 185 shares during the period. Finally, Cim LLC raised its holdings in McGrath RentCorp by 4.6% in the 2nd quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after acquiring an additional 205 shares in the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

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.