McGrath RentCorp (NASDAQ:MGRC) Shares Sold by Allworth Financial LP

Allworth Financial LP cut its holdings in McGrath RentCorp (NASDAQ:MGRC) by 7.0% during the 3rd quarter, Holdings Channel reports. The firm owned 5,350 shares of the financial services provider’s stock after selling 400 shares during the period. Allworth Financial LP’s holdings in McGrath RentCorp were worth $563,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MGRC. Capital Research Global Investors boosted its position in McGrath RentCorp by 67.6% during the first quarter. Capital Research Global Investors now owns 784,021 shares of the financial services provider’s stock worth $96,725,000 after acquiring an additional 316,292 shares during the last quarter. Alpine Associates Management Inc. raised its stake in shares of McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after acquiring an additional 63,366 shares during the period. Victory Capital Management Inc. raised its stake in shares of McGrath RentCorp by 5.9% in the 2nd quarter. Victory Capital Management Inc. now owns 707,698 shares of the financial services provider’s stock valued at $75,405,000 after acquiring an additional 39,171 shares during the period. Magnetar Financial LLC purchased a new position in shares of McGrath RentCorp in the 1st quarter valued at $84,042,000. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in 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 valued at $51,803,000 after purchasing an additional 100,210 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Stock Up 1.0 %

Shares of NASDAQ:MGRC opened at $116.26 on Wednesday. The company has a market cap of $2.85 billion, a PE ratio of 22.66, a P/E/G ratio of 1.82 and a beta of 0.75. The company’s 50-day moving average price is $106.24 and its 200 day moving average price is $107.23. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The firm had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. During the same period last year, the firm posted $1.65 EPS. McGrath RentCorp’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, equities analysts anticipate that McGrath RentCorp will post 4.48 EPS for the current year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.63%. McGrath RentCorp’s dividend payout ratio (DPR) is 37.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd. Oppenheimer lifted their price target on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 25th.

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.