Point72 Asia Singapore Pte. Ltd. Decreases Stock Holdings in McGrath RentCorp (NASDAQ:MGRC)

Point72 Asia Singapore Pte. Ltd. reduced its holdings in McGrath RentCorp (NASDAQ:MGRC) by 67.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 782 shares of the financial services provider’s stock after selling 1,606 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in McGrath RentCorp were worth $83,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB raised its stake in shares of McGrath RentCorp by 66.7% in the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after acquiring an additional 80,000 shares during the period. Quantbot Technologies LP purchased a new stake in McGrath RentCorp in the 1st quarter worth about $1,008,000. Vaughan Nelson Investment Management L.P. lifted its stake in McGrath RentCorp by 26.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock worth $51,803,000 after purchasing an additional 100,210 shares during the last quarter. AdvisorShares Investments LLC purchased a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $3,432,000. Finally, Vanguard Group Inc. grew its stake in shares of McGrath RentCorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after buying an additional 11,280 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MGRC shares. Oppenheimer initiated coverage on McGrath RentCorp in a research note on Wednesday, September 25th. They set an “outperform” rating and a $120.00 price target for the company. StockNews.com lowered shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday.

McGrath RentCorp Stock Performance

MGRC stock opened at $107.84 on Monday. The firm has a 50-day simple moving average of $105.56 and a two-hundred day simple moving average of $109.27. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.47 and a beta of 0.76.

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

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.76%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

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.