Weik Capital Management Increases Position in McGrath RentCorp (NASDAQ:MGRC)

Weik Capital Management raised its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 7.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,600 shares of the financial services provider’s stock after purchasing an additional 600 shares during the period. Weik Capital Management’s holdings in McGrath RentCorp were worth $916,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH raised its holdings in shares of McGrath RentCorp by 0.4% during the 4th quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock valued at $2,987,000 after buying an additional 90 shares in the last quarter. Sei Investments Co. boosted its stake in shares of McGrath RentCorp by 2.9% in the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 126 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of McGrath RentCorp by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after purchasing an additional 141 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in McGrath RentCorp by 4.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,085 shares of the financial services provider’s stock worth $648,000 after purchasing an additional 256 shares during the period. Finally, Chatham Capital Group Inc. lifted its stake in McGrath RentCorp by 1.1% in the second quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider’s stock worth $2,734,000 after purchasing an additional 280 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Wednesday.

McGrath RentCorp Stock Down 2.3 %

Shares of MGRC opened at $101.65 on Friday. The firm has a fifty day simple moving average of $106.60 and a two-hundred day simple moving average of $110.58. McGrath RentCorp has a twelve month low of $95.71 and a twelve month high of $130.86. The stock has a market capitalization of $2.50 billion, a P/E ratio of 19.81, a PEG ratio of 1.46 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). The business had revenue of $212.60 million for the quarter, compared to analysts’ expectations of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. McGrath RentCorp’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $1.14 earnings per share. Sell-side analysts expect that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is presently 37.04%.

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.