State of New Jersey Common Pension Fund D Lowers Stake in McGrath RentCorp (NASDAQ:MGRC)

State of New Jersey Common Pension Fund D reduced its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 23.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,082 shares of the financial services provider’s stock after selling 5,286 shares during the period. State of New Jersey Common Pension Fund D owned 0.07% of McGrath RentCorp worth $1,820,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Allianz Asset Management GmbH lifted its position in 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 acquiring an additional 90 shares during the period. Sei Investments Co. increased its stake in McGrath RentCorp by 2.9% during 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 increased its stake in 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in McGrath RentCorp by 4.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,085 shares of the financial services provider’s stock valued at $648,000 after purchasing an additional 256 shares in the last quarter. Finally, Chatham Capital Group Inc. increased its stake in McGrath RentCorp by 1.1% during the 2nd quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider’s stock valued at $2,734,000 after purchasing an additional 280 shares in the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

NASDAQ:MGRC opened at $103.99 on Tuesday. The firm has a 50-day simple moving average of $105.84 and a two-hundred day simple moving average of $109.53. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The firm has a market cap of $2.55 billion, a P/E ratio of 20.27, a P/E/G ratio of 1.46 and a beta of 0.76.

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

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be issued a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.83%. McGrath RentCorp’s payout ratio is 37.04%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 19th.

McGrath RentCorp Company 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.