McGrath RentCorp (NASDAQ:MGRC) Holdings Decreased by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. cut its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 67.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new position in McGrath RentCorp in the 1st quarter worth approximately $171,000. TFG Advisers LLC acquired a new stake in shares of McGrath RentCorp in the 1st quarter worth approximately $203,000. J.W. Cole Advisors Inc. acquired a new stake in shares of McGrath RentCorp in the 1st quarter worth approximately $210,000. Meeder Asset Management Inc. bought a new position in shares of McGrath RentCorp in the first quarter valued at approximately $213,000. Finally, Aristides Capital LLC acquired a new position in shares of McGrath RentCorp during the first quarter valued at approximately $239,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Trading Up 2.2 %

NASDAQ MGRC opened at $106.14 on Friday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The company has a market cap of $2.61 billion, a PE ratio of 20.69, a PEG ratio of 1.47 and a beta of 0.75. The stock’s 50-day moving average price is $104.72 and its two-hundred day moving average price is $108.84.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.41). The company had revenue of $212.60 million for 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%. McGrath RentCorp’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $1.14 earnings per share. Research analysts forecast that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

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 paid a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.79%. McGrath RentCorp’s dividend payout ratio is 37.04%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MGRC. Oppenheimer started coverage on McGrath RentCorp in a report on Wednesday, September 25th. They set an “outperform” rating and a $120.00 target price on the stock. StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, September 27th.

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.