Healthcare of Ontario Pension Plan Trust Fund Acquires Shares of 26,000 McGrath RentCorp (NASDAQ:MGRC)

Healthcare of Ontario Pension Plan Trust Fund bought a new position in McGrath RentCorp (NASDAQ:MGRC) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 26,000 shares of the financial services provider’s stock, valued at approximately $3,208,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings 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 worth $268,643,000 after acquiring an additional 22,273 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of McGrath RentCorp by 244.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 43,333 shares of the financial services provider’s stock worth $5,183,000 after purchasing an additional 30,737 shares during the last quarter. Wolf Group Capital Advisors lifted its holdings in shares of McGrath RentCorp by 6.6% during the fourth quarter. Wolf Group Capital Advisors now owns 16,501 shares of the financial services provider’s stock valued at $1,974,000 after purchasing an additional 1,023 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of McGrath RentCorp during the fourth quarter valued at $25,329,000. Finally, Mackenzie Financial Corp bought a new stake in McGrath RentCorp in the 4th quarter worth about $395,000. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

NASDAQ MGRC opened at $115.62 on Friday. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 1.56 and a beta of 0.77. McGrath RentCorp has a 1-year low of $89.91 and a 1-year high of $130.86. The business’s fifty day moving average price is $108.10 and its 200-day moving average price is $114.61.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.20. The company had revenue of $187.80 million for the quarter, compared to the consensus estimate of $145.63 million. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. McGrath RentCorp’s revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 earnings per share. Equities research analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 17th will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Wednesday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of McGrath RentCorp in a research note on Sunday, July 21st. They set 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.