Point72 Asia Singapore Pte. Ltd. Sells 1,606 Shares of McGrath RentCorp (NASDAQ:MGRC)

Point72 Asia Singapore Pte. Ltd. lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 67.3% in the second quarter, HoldingsChannel reports. The firm 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.

Several other institutional investors have also recently added to or reduced their stakes in MGRC. Swedbank AB raised its position in shares of McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after acquiring an additional 80,000 shares during the last quarter. Quantbot Technologies LP acquired a new position in McGrath RentCorp during the 1st quarter valued at about $1,008,000. Vaughan Nelson Investment Management L.P. boosted its stake in shares of McGrath RentCorp by 26.0% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after purchasing an additional 100,210 shares during the last quarter. Vanguard Group Inc. grew its position in shares of McGrath RentCorp by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock worth $321,931,000 after buying an additional 11,280 shares during the period. Finally, Gabelli Funds LLC raised its stake in shares of McGrath RentCorp by 297.8% during the first quarter. Gabelli Funds LLC now owns 59,670 shares of the financial services provider’s stock worth $7,361,000 after buying an additional 44,670 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on MGRC. StockNews.com cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Oppenheimer assumed coverage on shares of McGrath RentCorp in a report on Wednesday, September 25th. They set an “outperform” rating and a $120.00 price objective on the stock.

McGrath RentCorp Stock Up 2.2 %

NASDAQ:MGRC opened at $106.14 on Friday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The business has a 50 day moving average price of $104.72 and a two-hundred day moving average price of $108.84. The company has a market cap of $2.61 billion, a P/E ratio of 20.69, a price-to-earnings-growth ratio of 1.47 and a beta of 0.75.

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

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is presently 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.