Arizona State Retirement System Has $732,000 Stake in McGrath RentCorp (NASDAQ:MGRC)

Arizona State Retirement System grew its stake in McGrath RentCorp (NASDAQ:MGRC) by 2.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,871 shares of the financial services provider’s stock after buying an additional 141 shares during the period. Arizona State Retirement System’s holdings in McGrath RentCorp were worth $732,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MGRC. Victory Capital Management Inc. lifted its holdings in shares of 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 worth $75,405,000 after buying an additional 39,171 shares during the last quarter. Wolverine Asset Management LLC raised its stake in McGrath RentCorp by 37.1% during the 2nd 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 during the last quarter. Rhumbline Advisers boosted its holdings in McGrath RentCorp by 2.5% in the 2nd 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 during the period. Versor Investments LP grew its position in McGrath RentCorp by 14.8% in the 2nd quarter. Versor Investments LP now owns 14,941 shares of the financial services provider’s stock worth $1,592,000 after purchasing an additional 1,922 shares during the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of McGrath RentCorp by 15.2% during the 2nd quarter. Natixis Advisors LLC now owns 92,466 shares of the financial services provider’s stock worth $9,852,000 after purchasing an additional 12,177 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 2.3 %

NASDAQ:MGRC opened at $101.65 on Monday. The firm has a market capitalization of $2.50 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.46 and a beta of 0.76. McGrath RentCorp has a 12-month low of $95.71 and a 12-month high of $130.86. The firm has a 50-day moving average price of $106.60 and a 200 day moving average price of $110.48.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly 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). The company had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $1.14 earnings per share. On average, research analysts expect that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

Separately, StockNews.com cut McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th.

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.