Swedbank AB Purchases 50,000 Shares of McGrath RentCorp (NASDAQ:MGRC)

Swedbank AB boosted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 25.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 250,000 shares of the financial services provider's stock after purchasing an additional 50,000 shares during the period. Swedbank AB owned approximately 1.02% of McGrath RentCorp worth $26,320,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MGRC. SG Americas Securities LLC bought a new position in shares of McGrath RentCorp during the first quarter valued at about $171,000. TFG Advisers LLC bought a new position in shares of McGrath RentCorp during the first quarter valued at about $203,000. J.W. Cole Advisors Inc. bought a new position in McGrath RentCorp in the first quarter worth about $210,000. Meeder Asset Management Inc. bought a new position in McGrath RentCorp in the first quarter worth about $213,000. Finally, Aristides Capital LLC bought a new position in McGrath RentCorp in the first quarter worth about $239,000. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Trading Down 1.3 %

MGRC traded down $1.43 during midday trading on Thursday, reaching $107.81. The company's stock had a trading volume of 159,630 shares, compared to its average volume of 239,493. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 21.29, a PEG ratio of 1.85 and a beta of 0.75. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The stock's 50-day moving average is $105.21 and its 200-day moving average is $107.95.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 EPS for the quarter, missing analysts' consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The firm had revenue of $212.60 million for the quarter, compared to analysts' expectations of $210.23 million. During the same quarter in the previous year, the company earned $1.14 EPS. The company's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts forecast that McGrath RentCorp will post 4.48 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be given a $0.475 dividend. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.76%. McGrath RentCorp's payout ratio is presently 37.04%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. StockNews.com downgraded shares of McGrath RentCorp from a "hold" rating to a "sell" rating in a research note on Friday, September 27th. Oppenheimer assumed coverage on shares of McGrath RentCorp in a research note on Wednesday, September 25th. They issued an "outperform" rating and a $120.00 price target for the company.

About McGrath RentCorp

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.