Swedbank AB Raises Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB grew its stake in McGrath RentCorp (NASDAQ:MGRC) by 66.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 200,000 shares of the financial services provider’s stock after acquiring an additional 80,000 shares during the quarter. Swedbank AB owned about 0.81% of McGrath RentCorp worth $21,310,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in McGrath RentCorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock worth $321,931,000 after buying an additional 11,280 shares during the period. Capital Research Global Investors lifted 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 buying an additional 316,292 shares during the period. Wellington Management Group LLP increased its stake in McGrath RentCorp by 24.2% during the fourth quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock worth $92,258,000 after acquiring an additional 150,253 shares during the last quarter. Magnetar Financial LLC acquired a new stake in McGrath RentCorp during the first quarter worth about $84,042,000. Finally, Vaughan Nelson Investment Management L.P. increased its stake in McGrath RentCorp by 82.3% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock worth $47,619,000 after acquiring an additional 174,240 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

Shares of MGRC stock traded down $0.31 during trading hours on Friday, reaching $105.39. The company had a trading volume of 91,884 shares, compared to its average volume of 222,746. McGrath RentCorp has a twelve month low of $95.71 and a twelve month high of $130.86. The company has a market capitalization of $2.59 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.51 and a beta of 0.77. The stock’s fifty day simple moving average is $106.54 and its 200 day simple moving average is $113.90.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The company had revenue of $212.60 million during the quarter, compared to analyst estimates of $210.23 million. During the same quarter last year, the business posted $1.14 EPS. McGrath RentCorp’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts expect that McGrath RentCorp will post 5.45 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Wednesday, July 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.80%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Wednesday.

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.