Bank of New York Mellon Corp Purchases 31,893 Shares of McGrath RentCorp (NASDAQ:MGRC)

Bank of New York Mellon Corp lifted its position in McGrath RentCorp (NASDAQ:MGRC) by 20.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 186,898 shares of the financial services provider’s stock after acquiring an additional 31,893 shares during the quarter. Bank of New York Mellon Corp owned 0.76% of McGrath RentCorp worth $19,914,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH grew its position in shares of McGrath RentCorp by 0.4% in the 4th quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock worth $2,987,000 after buying an additional 90 shares during the last quarter. Sei Investments Co. grew its position in shares of McGrath RentCorp by 2.9% in the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after buying an additional 126 shares during the last quarter. Chatham Capital Group Inc. grew its position in shares of McGrath RentCorp by 1.1% in the 2nd quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider’s stock worth $2,734,000 after buying an additional 280 shares during the last quarter. Inspire Investing LLC grew its position in shares of McGrath RentCorp by 10.0% in the 1st quarter. Inspire Investing LLC now owns 3,522 shares of the financial services provider’s stock worth $434,000 after buying an additional 320 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of McGrath RentCorp in the 1st quarter worth approximately $66,000. Institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday.

McGrath RentCorp Stock Down 1.1 %

MGRC stock opened at $102.37 on Friday. The firm has a 50 day moving average of $106.84 and a 200 day moving average of $111.65. The stock has a market capitalization of $2.51 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 1.53 and a beta of 0.77. McGrath RentCorp has a 52 week low of $95.71 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released 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). The company had revenue of $212.60 million during the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $1.14 earnings per share. On average, equities research analysts expect that McGrath RentCorp will post 4.97 earnings per share for the current year.

McGrath RentCorp 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.