Anchor Capital Advisors LLC Buys 1,612 Shares of McGrath RentCorp (NASDAQ:MGRC)

Anchor Capital Advisors LLC lifted its stake in McGrath RentCorp (NASDAQ:MGRC) by 17.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,794 shares of the financial services provider’s stock after buying an additional 1,612 shares during the quarter. Anchor Capital Advisors LLC’s holdings in McGrath RentCorp were worth $1,291,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Adirondack Trust Co. purchased a new position in McGrath RentCorp during the third quarter valued at approximately $50,000. EP Wealth Advisors LLC purchased a new position in shares of McGrath RentCorp during the 3rd quarter valued at $221,000. Dakota Wealth Management bought a new position in McGrath RentCorp in the 3rd quarter worth $272,000. Navellier & Associates Inc. purchased a new stake in McGrath RentCorp in the 3rd quarter worth $306,000. Finally, Inspire Investing LLC bought a new stake in McGrath RentCorp during the third quarter valued at about $307,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

Shares of MGRC traded down $0.53 during midday trading on Tuesday, hitting $109.44. 19,079 shares of the company traded hands, compared to its average volume of 309,024. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 1.59 and a beta of 0.80. The firm has a 50 day moving average of $119.33 and a 200-day moving average of $113.51. McGrath RentCorp has a 52 week low of $86.50 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.73 by $0.20. The company had revenue of $187.80 million during the quarter, compared to analyst estimates of $145.63 million. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $0.89 earnings per share. Sell-side analysts predict that McGrath RentCorp will post 5.42 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Tuesday, April 16th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.74%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, April 15th. McGrath RentCorp’s dividend payout ratio is presently 37.04%.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on McGrath RentCorp in a research note on Sunday. They issued a “hold” rating for the company.

About McGrath RentCorp

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.