Mackenzie Financial Corp Makes New $395,000 Investment in McGrath RentCorp (NASDAQ:MGRC)

Mackenzie Financial Corp bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,304 shares of the financial services provider’s stock, valued at approximately $395,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of McGrath RentCorp by 0.8% in the third quarter. Vanguard Group Inc. now owns 2,679,998 shares of the financial services provider’s stock worth $268,643,000 after purchasing an additional 22,273 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of McGrath RentCorp by 50.7% in the third quarter. Wellington Management Group LLP now owns 621,008 shares of the financial services provider’s stock worth $62,250,000 after purchasing an additional 208,819 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of McGrath RentCorp by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 262,599 shares of the financial services provider’s stock worth $26,323,000 after purchasing an additional 5,485 shares during the last quarter. American Century Companies Inc. grew its stake in shares of McGrath RentCorp by 2.0% in the third quarter. American Century Companies Inc. now owns 249,587 shares of the financial services provider’s stock worth $25,019,000 after purchasing an additional 4,984 shares during the last quarter. Finally, FMR LLC grew its stake in shares of McGrath RentCorp by 27.3% in the third quarter. FMR LLC now owns 238,474 shares of the financial services provider’s stock worth $23,905,000 after purchasing an additional 51,124 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Trading Up 2.2 %

Shares of 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 price-to-earnings-growth ratio of 1.55 and a beta of 0.80. The firm’s fifty day simple moving average is $119.70 and its two-hundred day simple moving average is $113.41. McGrath RentCorp has a 12 month low of $86.26 and a 12 month high of $130.86.

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, beating analysts’ consensus estimates of $0.73 by $0.20. The business had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.56%. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.89 earnings per share. As a group, research analysts predict that McGrath RentCorp will post 5.42 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company 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 represents a $1.90 dividend on an annualized basis and a yield of 1.70%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. McGrath RentCorp’s dividend payout ratio is 37.04%.

McGrath RentCorp 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.