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

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

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in 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 in the last quarter. Capital Research Global Investors boosted its position in shares of McGrath RentCorp by 67.6% during the first quarter. Capital Research Global Investors now owns 784,021 shares of the financial services provider’s stock valued at $96,725,000 after buying an additional 316,292 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of McGrath RentCorp by 24.2% during the fourth quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock valued at $92,258,000 after buying an additional 150,253 shares during the last quarter. Alpine Associates Management Inc. increased its holdings in McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after buying an additional 63,366 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in McGrath RentCorp by 5.9% in the 2nd 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. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Trading Down 2.6 %

Shares of MGRC stock opened at $107.84 on Monday. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86. The stock has a market cap of $2.65 billion, a P/E ratio of 21.02, a P/E/G ratio of 1.47 and a beta of 0.76. The company has a 50 day simple moving average of $105.56 and a two-hundred day simple moving average of $109.27.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.84 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 the consensus estimate of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. McGrath RentCorp’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.14 earnings per share. As a group, equities analysts forecast that McGrath RentCorp will post 5.45 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Analyst Ratings Changes

Several research firms have recently weighed in on MGRC. StockNews.com cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Friday. Oppenheimer started coverage on shares of McGrath RentCorp in a research note on Wednesday, September 25th. They set an “outperform” rating and a $120.00 target price for the company.

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.