California Public Employees Retirement System boosted its stake in McGrath RentCorp (NASDAQ:MGRC) by 3.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 62,200 shares of the company’s stock after buying an additional 1,800 shares during the period. California Public Employees Retirement System owned about 0.26% of McGrath RentCorp worth $1,903,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Emerald Acquisition Ltd. purchased a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $15,422,000. Deprince Race & Zollo Inc. boosted its stake in shares of McGrath RentCorp by 12.9% in the second quarter. Deprince Race & Zollo Inc. now owns 1,356,485 shares of the company’s stock valued at $41,495,000 after buying an additional 154,966 shares during the last quarter. Bogle Investment Management L P DE purchased a new stake in shares of McGrath RentCorp during the first quarter valued at approximately $1,207,000. Royce & Associates LP boosted its stake in shares of McGrath RentCorp by 10.0% in the first quarter. Royce & Associates LP now owns 320,400 shares of the company’s stock valued at $8,036,000 after buying an additional 29,100 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of McGrath RentCorp by 4.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 636,916 shares of the company’s stock valued at $15,974,000 after buying an additional 24,942 shares during the last quarter. 81.61% of the stock is currently owned by hedge funds and other institutional investors.
McGrath RentCorp (NASDAQ:MGRC) traded down 1.28% on Friday, hitting $31.62. The company’s stock had a trading volume of 19,188 shares. The company has a market capitalization of $755.94 million, a P/E ratio of 18.82 and a beta of 1.05. The company has a 50 day moving average price of $31.81 and a 200-day moving average price of $29.12. McGrath RentCorp has a 1-year low of $21.46 and a 1-year high of $33.35.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.04. The firm had revenue of $103.10 million for the quarter, compared to analysts’ expectations of $98.58 million. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, equities analysts forecast that McGrath RentCorp will post $1.62 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Monday, October 17th will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.02 annualized dividend and a yield of 3.18%. McGrath RentCorp’s dividend payout ratio is 61.08%.
Several equities research analysts recently commented on MGRC shares. Zacks Investment Research cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, September 21st. Sidoti upped their price target on McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 14th. Finally, TheStreet raised McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th.
In other McGrath RentCorp news, CEO Dennis C. Kakures sold 36,777 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total transaction of $1,198,930.20. Following the sale, the chief executive officer now directly owns 314,224 shares of the company’s stock, valued at $10,243,702.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith E. Pratt sold 1,372 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $31.94, for a total transaction of $43,821.68. Following the sale, the chief financial officer now directly owns 30,000 shares in the company, valued at $958,200. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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