Gabelli Funds LLC Acquires 44,670 Shares of McGrath RentCorp (NASDAQ:MGRC)

Gabelli Funds LLC increased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 297.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,670 shares of the financial services provider’s stock after purchasing an additional 44,670 shares during the period. Gabelli Funds LLC’s holdings in McGrath RentCorp were worth $7,361,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in McGrath RentCorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after buying an additional 11,280 shares during the last quarter. Capital Research Global Investors raised its position in McGrath RentCorp by 67.6% in the 1st quarter. Capital Research Global Investors now owns 784,021 shares of the financial services provider’s stock valued at $96,725,000 after buying an additional 316,292 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of McGrath RentCorp by 24.2% during the 4th quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock worth $92,258,000 after purchasing an additional 150,253 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of McGrath RentCorp by 82.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock worth $47,619,000 after purchasing an additional 174,240 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of McGrath RentCorp by 48.1% during the 4th quarter. Clearbridge Investments LLC now owns 304,419 shares of the financial services provider’s stock worth $36,415,000 after purchasing an additional 98,851 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

MGRC traded down $4.60 during trading hours on Friday, reaching $111.02. The company’s stock had a trading volume of 375,179 shares, compared to its average volume of 172,359. McGrath RentCorp has a 52 week low of $89.91 and a 52 week high of $130.86. The company’s 50-day moving average is $108.09 and its 200-day moving average is $114.63. The firm has a market cap of $2.73 billion, a PE 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 quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share 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 13.42%. The business had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. During the same quarter last year, the company posted $1.14 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. Equities analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm 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. This represents a $1.90 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Wednesday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on McGrath RentCorp in a research note on Sunday, July 21st. They set a “hold” rating on the stock.

McGrath RentCorp Company 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.