McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Gabelli Funds LLC

Gabelli Funds LLC raised its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 297.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,670 shares of the financial services provider’s stock after buying an additional 44,670 shares during the period. Gabelli Funds LLC owned about 0.24% of McGrath RentCorp worth $7,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in McGrath RentCorp during the first quarter valued at approximately $66,000. SG Americas Securities LLC acquired a new position in McGrath RentCorp during the first quarter valued at approximately $171,000. TFG Advisers LLC acquired a new position in McGrath RentCorp during the first quarter valued at approximately $203,000. J.W. Cole Advisors Inc. acquired a new position in McGrath RentCorp during the first quarter valued at approximately $210,000. Finally, Meeder Asset Management Inc. acquired a new position in McGrath RentCorp during the first quarter valued at approximately $213,000. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Stock Down 4.0 %

Shares of NASDAQ MGRC traded down $4.60 during trading on Friday, reaching $111.02. 375,179 shares of the stock were exchanged, compared to its average volume of 172,359. The business’s 50-day moving average price is $108.09 and its 200 day moving average price is $114.63. McGrath RentCorp has a twelve month low of $89.91 and a twelve month high of $130.86. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 21.64, a price-to-earnings-growth ratio of 1.55 and a beta of 0.77.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results 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 13.42% and a net margin of 13.39%. The firm had revenue of $212.60 million for the quarter, compared to analyst estimates of $210.23 million. During the same period in the previous year, the firm posted $1.14 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th will be paid a $0.475 dividend. The ex-dividend date is Wednesday, July 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.71%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of McGrath RentCorp in a research report on Sunday, July 21st. They set a “hold” rating on the 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.