Swedbank AB Has $26.32 Million Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB boosted its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 25.0% in the third quarter, Holdings Channel.com reports. The firm owned 250,000 shares of the financial services provider’s stock after purchasing an additional 50,000 shares during the period. Swedbank AB’s holdings in McGrath RentCorp were worth $26,320,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Sei Investments Co. increased its stake in shares of McGrath RentCorp by 2.9% in the first quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after purchasing an additional 126 shares during the period. Arizona State Retirement System grew its stake in shares of McGrath RentCorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after purchasing an additional 141 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of McGrath RentCorp by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after purchasing an additional 185 shares during the period. Cim LLC boosted its holdings in shares of McGrath RentCorp by 4.6% in the 2nd quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock worth $475,000 after acquiring an additional 205 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of McGrath RentCorp by 2.1% in the 2nd quarter. AQR Capital Management LLC now owns 10,146 shares of the financial services provider’s stock worth $1,081,000 after acquiring an additional 207 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Stock Up 1.0 %

NASDAQ:MGRC opened at $109.24 on Thursday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The firm has a market capitalization of $2.68 billion, a P/E ratio of 21.29, a P/E/G ratio of 1.85 and a beta of 0.75. The stock’s fifty day simple moving average is $105.21 and its 200-day simple moving average is $107.95.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $210.23 million. During the same quarter in the prior year, the business earned $1.14 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that McGrath RentCorp will post 4.48 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is 37.04%.

Analyst Ratings Changes

MGRC has been the topic of several recent analyst reports. Oppenheimer initiated coverage on McGrath RentCorp in a report on Wednesday, September 25th. They issued an “outperform” rating and a $120.00 target price on the stock. StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Friday, September 27th.

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.