Chartwell Investment Partners LLC Sells 9,360 Shares of McGrath RentCorp (MGRC)
Chartwell Investment Partners LLC trimmed its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 4.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 213,815 shares of the financial services provider’s stock after selling 9,360 shares during the quarter. Chartwell Investment Partners LLC’s holdings in McGrath RentCorp were worth $13,528,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in McGrath RentCorp during the first quarter valued at approximately $195,000. Element Capital Management LLC acquired a new position in McGrath RentCorp during the first quarter valued at approximately $200,000. Ausdal Financial Partners Inc. acquired a new position in McGrath RentCorp during the second quarter valued at approximately $202,000. Osterweis Capital Management Inc. acquired a new position in McGrath RentCorp during the first quarter valued at approximately $211,000. Finally, Mirador Capital Partners LP acquired a new position in McGrath RentCorp during the second quarter valued at approximately $218,000. 89.77% of the stock is currently owned by hedge funds and other institutional investors.
MGRC has been the topic of a number of recent research reports. BidaskClub cut shares of McGrath RentCorp from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 8th. Zacks Investment Research cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Finally, ValuEngine cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Monday, July 30th.
MGRC opened at $57.79 on Friday. The company has a market cap of $1.40 billion, a PE ratio of 23.80, a PEG ratio of 2.13 and a beta of 0.84. McGrath RentCorp has a 52-week low of $38.06 and a 52-week high of $68.79.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, July 31st. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $117.00 million for the quarter, compared to analyst estimates of $112.69 million. McGrath RentCorp had a net margin of 34.37% and a return on equity of 11.91%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 earnings per share. sell-side analysts forecast that McGrath RentCorp will post 2.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 31st. Stockholders of record on Tuesday, July 17th were paid a dividend of $0.34 per share. The ex-dividend date was Monday, July 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.35%. McGrath RentCorp’s dividend payout ratio is currently 63.55%.
McGrath RentCorp Profile
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
Further Reading: Asset Allocation
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