Bank of Montreal Can Has $3.35 Million Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Bank of Montreal Can grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 802.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 30,866 shares of the financial services provider’s stock after acquiring an additional 27,446 shares during the quarter. Bank of Montreal Can’s holdings in McGrath RentCorp were worth $3,349,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Swedbank AB lifted its position in McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after purchasing an additional 80,000 shares during the period. Quantbot Technologies LP acquired a new position in shares of McGrath RentCorp in the 1st quarter valued at approximately $1,008,000. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of McGrath RentCorp by 26.0% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock worth $51,803,000 after acquiring an additional 100,210 shares during the period. AdvisorShares Investments LLC acquired a new stake in shares of McGrath RentCorp during the 4th quarter worth approximately $3,432,000. Finally, Vanguard Group Inc. increased its stake in McGrath RentCorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after acquiring an additional 11,280 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC opened at $104.43 on Thursday. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 1.47 and a beta of 0.76. The firm has a 50 day simple moving average of $105.05 and a 200 day simple moving average of $108.97.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly 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 firm had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, analysts expect that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Announces Dividend

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 paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Analyst Ratings Changes

MGRC has been the subject of several recent analyst reports. Oppenheimer started coverage on McGrath RentCorp in a research note on Wednesday, September 25th. They set an “outperform” rating and a $120.00 target price for the company. StockNews.com lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th.

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.