Mirador Capital Partners LP increased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 7.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,677 shares of the financial services provider’s stock after acquiring an additional 465 shares during the period. Mirador Capital Partners LP’s holdings in McGrath RentCorp were worth $415,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of MGRC. Redwood Investments LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter worth approximately $8,767,000. Monarch Partners Asset Management LLC acquired a new stake in McGrath RentCorp in the first quarter valued at approximately $8,547,000. SG Capital Management LLC boosted its position in McGrath RentCorp by 35.7% in the second quarter. SG Capital Management LLC now owns 312,611 shares of the financial services provider’s stock valued at $19,429,000 after buying an additional 82,245 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its position in McGrath RentCorp by 25.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 270,156 shares of the financial services provider’s stock valued at $16,790,000 after buying an additional 55,083 shares in the last quarter. Finally, RK Capital Management LLC boosted its position in McGrath RentCorp by 17.3% in the first quarter. RK Capital Management LLC now owns 309,699 shares of the financial services provider’s stock valued at $17,520,000 after buying an additional 45,603 shares in the last quarter. Institutional investors and hedge funds own 84.90% of the company’s stock.
A number of analysts have recently issued reports on the stock. BidaskClub lowered shares of McGrath RentCorp from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Sidoti raised their target price on McGrath RentCorp from $78.00 to $83.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $76.33.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, July 30th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.06. The business had revenue of $127.40 million for the quarter, compared to analyst estimates of $123.45 million. McGrath RentCorp had a return on equity of 15.13% and a net margin of 16.54%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, equities research analysts expect that McGrath RentCorp will post 3.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 17th were issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend was Tuesday, July 16th. McGrath RentCorp’s payout ratio is currently 47.92%.
In related news, CFO Keith E. Pratt sold 2,513 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $69.31, for a total value of $174,176.03. Following the completion of the transaction, the chief financial officer now owns 24,050 shares of the company’s stock, valued at $1,666,905.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Trease Kristina Van sold 3,655 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $68.69, for a total value of $251,061.95. Following the transaction, the vice president now directly owns 10,996 shares in the company, valued at approximately $755,315.24. The disclosure for this sale can be found here. In the last three months, insiders sold 16,955 shares of company stock worth $1,138,508. Corporate insiders own 1.80% of the company’s stock.
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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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