Virtu Financial LLC Raises Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Virtu Financial LLC grew its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 21.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,944 shares of the financial services provider’s stock after buying an additional 5,792 shares during the quarter. Virtu Financial LLC owned 0.13% of McGrath RentCorp worth $3,510,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in McGrath RentCorp during the first quarter valued at approximately $171,000. TFG Advisers LLC purchased a new stake in McGrath RentCorp in the 1st quarter valued at about $203,000. J.W. Cole Advisors Inc. purchased a new stake in McGrath RentCorp in the first quarter worth about $210,000. Meeder Asset Management Inc. bought a new position in shares of McGrath RentCorp during the first quarter valued at approximately $213,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in McGrath RentCorp during the fourth quarter valued at approximately $217,000. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Performance

NASDAQ:MGRC opened at $102.91 on Tuesday. The company’s 50-day simple moving average is $106.55 and its 200-day simple moving average is $110.33. McGrath RentCorp has a fifty-two week low of $95.71 and a fifty-two week high of $130.86. The stock has a market capitalization of $2.53 billion, a P/E ratio of 20.06, a P/E/G ratio of 1.46 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data 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 company had revenue of $212.60 million for the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.14 EPS. On average, research analysts forecast that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th.

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.