Cim LLC Purchases 205 Shares of McGrath RentCorp (NASDAQ:MGRC)

Cim LLC raised its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 4.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,636 shares of the financial services provider’s stock after purchasing an additional 205 shares during the quarter. Cim LLC’s holdings in McGrath RentCorp were worth $475,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Swedbank AB grew its holdings 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 purchasing an additional 80,000 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of McGrath RentCorp in the 1st quarter worth $1,008,000. Vaughan Nelson Investment Management L.P. increased its holdings 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 worth $51,803,000 after buying an additional 100,210 shares during the last quarter. AdvisorShares Investments LLC purchased a new stake in shares of McGrath RentCorp during the 4th quarter valued at about $3,432,000. Finally, Vanguard Group Inc. lifted its holdings in shares of McGrath RentCorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after acquiring an additional 11,280 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MGRC shares. StockNews.com cut McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Oppenheimer began coverage on McGrath RentCorp in a report on Wednesday, September 25th. They set an “outperform” rating and a $120.00 price target on the stock.

McGrath RentCorp Trading Up 0.1 %

McGrath RentCorp stock opened at $105.43 on Wednesday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The firm has a 50-day moving average price of $105.20 and a 200-day moving average price of $109.00. The firm has a market capitalization of $2.59 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.47 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). The firm had revenue of $212.60 million during the quarter, compared to the consensus estimate 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 for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.14 EPS. As a group, sell-side analysts predict that McGrath RentCorp will post 5.45 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

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 given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.80%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.

About McGrath RentCorp

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.