Mackenzie Financial Corp Takes Position in McGrath RentCorp (NASDAQ:MGRC)

Mackenzie Financial Corp purchased a new stake in McGrath RentCorp (NASDAQ:MGRC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,304 shares of the financial services provider’s stock, valued at approximately $395,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $25,329,000. Wolf Group Capital Advisors lifted its position in McGrath RentCorp by 6.6% in the 4th quarter. Wolf Group Capital Advisors now owns 16,501 shares of the financial services provider’s stock valued at $1,974,000 after acquiring an additional 1,023 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in McGrath RentCorp by 244.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,333 shares of the financial services provider’s stock valued at $5,183,000 after acquiring an additional 30,737 shares in the last quarter. Diversified Trust Co lifted its position in McGrath RentCorp by 4.7% in the 4th quarter. Diversified Trust Co now owns 3,799 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 171 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in McGrath RentCorp by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,679,998 shares of the financial services provider’s stock valued at $268,643,000 after acquiring an additional 22,273 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Trading Up 2.2 %

MGRC opened at $111.71 on Friday. The stock has a market capitalization of $2.74 billion, a P/E ratio of 21.78, a P/E/G ratio of 1.55 and a beta of 0.80. McGrath RentCorp has a 12 month low of $86.26 and a 12 month high of $130.86. The firm’s fifty day simple moving average is $119.70 and its 200 day simple moving average is $113.41.

McGrath RentCorp (NASDAQ:MGRC) last issued 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. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.56%. The firm had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. During the same period in the previous year, the firm posted $0.89 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, equities research analysts predict that McGrath RentCorp will post 5.42 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th will be given a dividend of $0.475 per share. The ex-dividend date of this dividend is Monday, April 15th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a yield of 1.70%. McGrath RentCorp’s payout ratio is 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of McGrath RentCorp in a research report on Sunday. They issued a “hold” rating on the stock.

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.