McGrath RentCorp (NASDAQ:MGRC) Position Lifted by Gabelli Funds LLC

Gabelli Funds LLC raised its stake in McGrath RentCorp (NASDAQ:MGRC) by 17.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 70,258 shares of the financial services provider’s stock after purchasing an additional 10,588 shares during the period. Gabelli Funds LLC owned 0.29% of McGrath RentCorp worth $7,486,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Sei Investments Co. grew its stake in McGrath RentCorp by 4.1% in the second quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock worth $496,000 after purchasing an additional 183 shares in the last quarter. Virtu Financial LLC lifted its holdings in McGrath RentCorp by 21.3% during the 2nd quarter. Virtu Financial LLC now owns 32,944 shares of the financial services provider’s stock worth $3,510,000 after buying an additional 5,792 shares during the last quarter. Alpine Associates Management Inc. grew its position 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 worth $75,741,000 after acquiring an additional 63,366 shares in the last quarter. Weik Capital Management increased its holdings in shares of McGrath RentCorp by 7.5% in the 2nd quarter. Weik Capital Management now owns 8,600 shares of the financial services provider’s stock valued at $916,000 after acquiring an additional 600 shares during the last quarter. Finally, AdvisorShares Investments LLC raised its position in shares of McGrath RentCorp by 7.3% during the 2nd quarter. AdvisorShares Investments LLC now owns 48,686 shares of the financial services provider’s stock valued at $5,075,000 after acquiring an additional 3,332 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Up 4.7 %

Shares of NASDAQ:MGRC opened at $103.99 on Tuesday. The company has a market cap of $2.55 billion, a PE ratio of 20.27, a P/E/G ratio of 1.46 and a beta of 0.76. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The firm has a 50-day simple moving average of $105.84 and a 200 day simple moving average of $109.53.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data 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). McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The company had revenue of $212.60 million for the quarter, compared to the consensus estimate of $210.23 million. During the same quarter in the previous year, the company earned $1.14 earnings per share. McGrath RentCorp’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts forecast that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be issued a $0.475 dividend. 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 1.83%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, September 19th.

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.