Arizona State Retirement System Has $819,000 Holdings in McGrath RentCorp (NASDAQ:MGRC)

Arizona State Retirement System lowered its stake in McGrath RentCorp (NASDAQ:MGRC) by 1.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,845 shares of the financial services provider’s stock after selling 124 shares during the period. Arizona State Retirement System’s holdings in McGrath RentCorp were worth $819,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Great West Life Assurance Co. Can increased its stake in shares of McGrath RentCorp by 1.5% in the first quarter. Great West Life Assurance Co. Can now owns 7,565 shares of the financial services provider’s stock worth $707,000 after purchasing an additional 111 shares during the period. FMR LLC increased its stake in shares of McGrath RentCorp by 14.1% in the second quarter. FMR LLC now owns 978 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 121 shares during the period. Diversified Trust Co increased its stake in shares of McGrath RentCorp by 4.2% in the third quarter. Diversified Trust Co now owns 3,628 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 147 shares during the period. MetLife Investment Management LLC increased its stake in shares of McGrath RentCorp by 1.2% in the fourth quarter. MetLife Investment Management LLC now owns 12,558 shares of the financial services provider’s stock worth $1,240,000 after purchasing an additional 153 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of McGrath RentCorp by 14.3% in the third quarter. Royal Bank of Canada now owns 1,454 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 0.5 %

Shares of MGRC opened at $111.53 on Thursday. McGrath RentCorp has a 12-month low of $85.97 and a 12-month high of $130.86. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 1.60 and a beta of 0.80. The stock’s 50-day moving average price is $122.46 and its 200 day moving average price is $112.97.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly 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 firm had revenue of $221.59 million for the quarter, compared to the consensus estimate of $214.43 million. Equities research analysts expect that McGrath RentCorp will post 5.42 EPS for the current 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 paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.70%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, April 15th. McGrath RentCorp’s payout ratio is currently 26.69%.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on McGrath RentCorp in a research note on Friday, April 12th. 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.