9,989 Shares in McGrath RentCorp (NASDAQ:MGRC) Purchased by Quest Partners LLC

Quest Partners LLC bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the second quarter, HoldingsChannel reports. The firm bought 9,989 shares of the financial services provider’s stock, valued at approximately $1,064,000.

A number of other institutional investors have also added to or reduced their stakes in MGRC. Arcadia Investment Management Corp MI boosted its holdings in McGrath RentCorp by 96.1% during the second quarter. Arcadia Investment Management Corp MI now owns 15,802 shares of the financial services provider’s stock valued at $1,684,000 after purchasing an additional 7,745 shares in the last quarter. Arizona State Retirement System boosted its holdings in McGrath RentCorp by 2.1% during the second 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 in the last quarter. Victory Capital Management Inc. boosted its holdings in McGrath RentCorp by 5.9% during the second quarter. Victory Capital Management Inc. now owns 707,698 shares of the financial services provider’s stock valued at $75,405,000 after purchasing an additional 39,171 shares in the last quarter. Wolverine Asset Management LLC boosted its holdings in McGrath RentCorp by 37.1% during the second quarter. Wolverine Asset Management LLC now owns 7,388 shares of the financial services provider’s stock valued at $787,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in McGrath RentCorp by 2.5% during the second quarter. Rhumbline Advisers now owns 46,399 shares of the financial services provider’s stock valued at $4,944,000 after purchasing an additional 1,136 shares in the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday.

McGrath RentCorp Price Performance

Shares of MGRC opened at $104.03 on Wednesday. The company has a market capitalization of $2.55 billion, a P/E ratio of 20.28, a PEG ratio of 1.44 and a beta of 0.76. McGrath RentCorp has a one year low of $95.71 and a one year high of $130.86. The business’s 50 day simple moving average is $106.71 and its 200-day simple moving average is $110.93.

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

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.