McGrath RentCorp (NASDAQ:MGRC) Stock Price Up 4%

Shares of McGrath RentCorp (NASDAQ:MGRC) shot up 4% during trading on Monday . The stock traded as high as $103.44 and last traded at $103.29. 196,048 shares changed hands during trading, a decline of 15% from the average session volume of 231,243 shares. The stock had previously closed at $99.30.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Thursday.

McGrath RentCorp Price Performance

The business has a fifty day simple moving average of $105.98 and a 200 day simple moving average of $109.66. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.46 and a beta of 0.76.

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

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.83%. McGrath RentCorp’s payout ratio is 37.04%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Swedbank AB lifted its stake in McGrath RentCorp by 66.7% during the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after acquiring an additional 80,000 shares in the last quarter. Trexquant Investment LP acquired a new stake in McGrath RentCorp during the 4th quarter worth $1,460,000. Quantbot Technologies LP purchased a new stake in McGrath RentCorp in the first quarter valued at $1,008,000. Vaughan Nelson Investment Management L.P. boosted its stake in McGrath RentCorp by 26.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after acquiring an additional 100,210 shares in the last quarter. Finally, AdvisorShares Investments LLC acquired a new position in McGrath RentCorp in the fourth quarter valued at $3,432,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

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.