McGrath RentCorp (NASDAQ:MGRC) Stake Boosted by Connors Investor Services Inc.

Connors Investor Services Inc. increased its holdings in McGrath RentCorp (NASDAQ:MGRCGet Rating) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,776 shares of the financial services provider’s stock after buying an additional 2,145 shares during the quarter. Connors Investor Services Inc. owned about 0.24% of McGrath RentCorp worth $4,910,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. DB Wealth Management Group LLC bought a new position in McGrath RentCorp in the 1st quarter worth approximately $26,000. Lazard Asset Management LLC bought a new position in McGrath RentCorp in the 1st quarter worth approximately $51,000. Pinebridge Investments L.P. acquired a new stake in McGrath RentCorp in the fourth quarter worth approximately $80,000. PNC Financial Services Group Inc. acquired a new stake in McGrath RentCorp in the first quarter worth approximately $168,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in McGrath RentCorp in the first quarter worth approximately $200,000. 82.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Monday, July 25th.

McGrath RentCorp Price Performance

MGRC opened at $85.37 on Wednesday. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 2.09 and a beta of 0.82. McGrath RentCorp has a 1-year low of $68.03 and a 1-year high of $91.37. The business has a 50 day moving average price of $82.79 and a two-hundred day moving average price of $82.18.

McGrath RentCorp (NASDAQ:MGRCGet Rating) last released its earnings results on Thursday, July 28th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.28. McGrath RentCorp had a return on equity of 13.17% and a net margin of 14.39%. The firm had revenue of $177.00 million during the quarter, compared to the consensus estimate of $166.69 million. During the same period in the prior year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. Equities analysts expect that McGrath RentCorp will post 4.12 EPS for the current fiscal year.

About McGrath RentCorp

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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, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

See Also

Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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