McGrath RentCorp (NASDAQ:MGRC) Coverage Initiated at StockNews.com

Research analysts at StockNews.com assumed coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a note issued to investors on Wednesday. The brokerage set a “hold” rating on the financial services provider’s stock.

McGrath RentCorp Trading Up 0.8 %

MGRC opened at $123.37 on Wednesday. The stock has a fifty day moving average price of $123.23 and a 200-day moving average price of $111.15. McGrath RentCorp has a 12 month low of $85.63 and a 12 month high of $130.86. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.73 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.07). McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. The business had revenue of $221.59 million for the quarter, compared to analyst estimates of $214.43 million. On average, equities research analysts forecast that McGrath RentCorp will post 5.42 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of McGrath RentCorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after purchasing an additional 11,280 shares during the period. BlackRock Inc. increased its holdings in shares of McGrath RentCorp by 2.5% in the second quarter. BlackRock Inc. now owns 2,190,395 shares of the financial services provider’s stock valued at $202,568,000 after purchasing an additional 52,813 shares during the period. Wellington Management Group LLP increased its holdings in shares of McGrath RentCorp by 24.2% in the fourth quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock valued at $92,258,000 after purchasing an additional 150,253 shares during the period. Silvercrest Asset Management Group LLC increased its holdings in shares of McGrath RentCorp by 1.0% in the second quarter. Silvercrest Asset Management Group LLC now owns 652,117 shares of the financial services provider’s stock valued at $60,308,000 after purchasing an additional 6,426 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of McGrath RentCorp by 8.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 643,089 shares of the financial services provider’s stock valued at $63,499,000 after purchasing an additional 47,834 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

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.