Peterson Wealth Services Cuts Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Peterson Wealth Services trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 21.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,483 shares of the financial services provider’s stock after selling 4,830 shares during the quarter. Peterson Wealth Services owned 0.07% of McGrath RentCorp worth $2,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Dark Forest Capital Management LP boosted its stake in McGrath RentCorp by 210.0% in the first quarter. Dark Forest Capital Management LP now owns 310 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 210 shares during the last quarter. Adirondack Trust Co. purchased a new position in shares of McGrath RentCorp during the 3rd quarter valued at $50,000. Lazard Asset Management LLC bought a new position in shares of McGrath RentCorp during the 1st quarter worth $51,000. Tower Research Capital LLC TRC increased its holdings in McGrath RentCorp by 211.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 607 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 412 shares during the last quarter. Finally, FMR LLC increased its stake in shares of McGrath RentCorp by 14.1% in the second quarter. FMR LLC now owns 978 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 121 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Performance

McGrath RentCorp stock traded up $0.65 during midday trading on Thursday, hitting $112.18. 11,778 shares of the company’s stock were exchanged, compared to its average volume of 321,075. The company has a market cap of $2.75 billion, a P/E ratio of 15.66, a PEG ratio of 1.59 and a beta of 0.80. The stock has a 50-day moving average price of $122.46 and a two-hundred day moving average price of $112.97. McGrath RentCorp has a 52-week low of $85.97 and a 52-week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.07). The company had revenue of $221.59 million for the quarter, compared to the consensus estimate of $214.43 million. McGrath RentCorp had a return on equity of 13.63% and a net margin of 20.99%. As a group, sell-side analysts expect that McGrath RentCorp will post 5.42 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be paid a $0.475 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. This represents a $1.90 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Monday, April 15th. McGrath RentCorp’s payout ratio is 26.69%.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on McGrath RentCorp in a report on Friday, April 12th. 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.