StockNews.com Initiates Coverage on McGrath RentCorp (NASDAQ:MGRC)

Analysts at StockNews.com began coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a research note issued to investors on Monday. The brokerage set a “hold” rating on the financial services provider’s stock.

McGrath RentCorp Stock Performance

MGRC stock opened at $109.92 on Monday. McGrath RentCorp has a one year low of $87.72 and a one year high of $130.86. The firm’s fifty day moving average is $117.28 and its 200 day moving average is $113.83. The firm has a market cap of $2.70 billion, a PE ratio of 21.43, a P/E/G ratio of 1.66 and a beta of 0.82.

McGrath RentCorp (NASDAQ:MGRC) last posted its 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 firm had revenue of $187.80 million for the quarter, compared to analysts’ expectations of $145.63 million. McGrath RentCorp had a return on equity of 13.43% and a net margin of 14.70%. The company’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period last year, the firm earned $0.89 EPS. Research analysts predict that McGrath RentCorp will post 5.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McGrath RentCorp

A number of large investors have recently added to or reduced their stakes in MGRC. Capital Research Global Investors acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $55,950,000. Public Employees Retirement Association of Colorado boosted its holdings in McGrath RentCorp by 3,216.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock worth $29,767,000 after buying an additional 241,340 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in McGrath RentCorp during the 4th quarter worth approximately $25,329,000. Wellington Management Group LLP raised its holdings in shares of McGrath RentCorp by 50.7% during the third quarter. Wellington Management Group LLP now owns 621,008 shares of the financial services provider’s stock valued at $62,250,000 after acquiring an additional 208,819 shares during the last quarter. Finally, Clearbridge Investments LLC purchased a new position in shares of McGrath RentCorp in the third quarter valued at approximately $20,606,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

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.