McGrath RentCorp (NASDAQ:MGRC) Shares Bought by Swedbank AB

Swedbank AB raised its position in McGrath RentCorp (NASDAQ:MGRC) by 25.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 250,000 shares of the financial services provider’s stock after purchasing an additional 50,000 shares during the period. Swedbank AB owned about 1.02% of McGrath RentCorp worth $26,320,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Inspire Investing LLC lifted its position in shares of McGrath RentCorp by 17.4% in the third quarter. Inspire Investing LLC now owns 3,901 shares of the financial services provider’s stock valued at $411,000 after acquiring an additional 577 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of McGrath RentCorp by 44.6% in the third quarter. Handelsbanken Fonder AB now owns 6,158 shares of the financial services provider’s stock valued at $648,000 after buying an additional 1,900 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of McGrath RentCorp in the third quarter valued at about $888,000. Cim LLC grew its stake in shares of McGrath RentCorp by 4.6% in the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after buying an additional 205 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in shares of McGrath RentCorp in the second quarter valued at about $1,665,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Stock Up 1.0 %

NASDAQ:MGRC opened at $109.24 on Thursday. The business’s 50 day moving average is $105.21 and its two-hundred day moving average is $107.95. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The company has a market cap of $2.68 billion, a PE ratio of 21.29, a P/E/G ratio of 1.85 and a beta of 0.75.

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. As a group, sell-side analysts expect that McGrath RentCorp will post 4.48 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is currently 37.04%.

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.