New York Life Investment Management LLC Has $479,000 Position in McGrath RentCorp (NASDAQ:MGRC)

Posted by Defense World Staff on Aug 17th, 2023

New York Life Investment Management LLC reduced its holdings in shares of McGrath RentCorp (NASDAQ:MGRC – Free Report) by 23.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,137 shares of the financial services provider’s stock after selling 1,538 shares during the period. New York Life Investment Management LLC’s holdings in McGrath RentCorp were worth $479,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. FMR LLC boosted its position in shares of McGrath RentCorp by 14.1% during the 2nd quarter. FMR LLC now owns 978 shares of the financial services provider’s stock valued at $74,000 after acquiring an additional 121 shares in the last quarter. Amalgamated Bank boosted its position in McGrath RentCorp by 3.2% in the fourth quarter. Amalgamated Bank now owns 4,005 shares of the financial services provider’s stock valued at $395,000 after buying an additional 123 shares in the last quarter. Huntington National Bank boosted its position in McGrath RentCorp by 16.4% in the fourth quarter. Huntington National Bank now owns 936 shares of the financial services provider’s stock valued at $92,000 after buying an additional 132 shares in the last quarter. Parallel Advisors LLC boosted its position in McGrath RentCorp by 32.1% in the fourth quarter. Parallel Advisors LLC now owns 622 shares of the financial services provider’s stock valued at $61,000 after buying an additional 151 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in McGrath RentCorp by 1.2% in the fourth quarter. MetLife Investment Management LLC now owns 12,558 shares of the financial services provider’s stock valued at $1,240,000 after buying an additional 153 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

MGRC opened at $99.69 on Thursday. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 2.10 and a beta of 0.78. The firm has a 50 day simple moving average of $94.63 and a 200 day simple moving average of $94.60. McGrath RentCorp has a fifty-two week low of $81.25 and a fifty-two week high of $111.70.

McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last issued its earnings results on Thursday, July 27th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $0.96 by $0.18. McGrath RentCorp had a net margin of 22.16% and a return on equity of 14.47%. The firm had revenue of $203.03 million during the quarter, compared to the consensus estimate of $191.80 million. As a group, analysts expect that McGrath RentCorp will post 4.81 EPS for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 31st. Shareholders of record on Monday, July 17th were paid a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend was Friday, July 14th. McGrath RentCorp’s payout ratio is presently 26.42%.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on shares of McGrath RentCorp in a research report on Thursday. They set a “hold” rating on the stock.

View Our Latest Report on MGRC

About McGrath RentCorp

(Free Report)

McGrath RentCorp engages in the provision of business-to-business rental services. It operates through the following segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment is engaged in modular building and portable storage. The TRS-RenTelco segment includes operations for its electronic test equipment.