AQR Capital Management LLC Boosts Holdings in McGrath RentCorp (NASDAQ:MGRC)

AQR Capital Management LLC boosted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 2.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,146 shares of the financial services provider’s stock after purchasing an additional 207 shares during the quarter. AQR Capital Management LLC’s holdings in McGrath RentCorp were worth $1,081,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Cim LLC purchased a new position in McGrath RentCorp during the fourth quarter valued at $553,000. Wellington Management Group LLP grew 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 purchasing an additional 150,253 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of McGrath RentCorp by 0.4% in the fourth 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 in the last quarter. Quadrature Capital Ltd bought a new position in McGrath RentCorp during the fourth quarter valued at approximately $367,000. Finally, Chatham Capital Group Inc. grew its holdings in McGrath RentCorp by 12.6% during the 1st quarter. Chatham Capital Group Inc. now owns 25,377 shares of the financial services provider’s stock valued at $3,131,000 after buying an additional 2,835 shares in the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on MGRC. StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Oppenheimer initiated coverage on shares of McGrath RentCorp in a research report on Wednesday, September 25th. They set an “outperform” rating and a $120.00 price objective for the company.

McGrath RentCorp Trading Down 0.3 %

MGRC opened at $107.34 on Friday. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86. The stock has a 50-day moving average of $104.57 and a 200 day moving average of $108.45. The firm has a market cap of $2.64 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.85 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data 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 net margin of 13.39% and a return on equity of 13.33%. The firm had revenue of $212.60 million for the quarter, compared to the consensus estimate of $210.23 million. During the same quarter last year, the firm earned $1.14 EPS. The company’s revenue was up 4.7% on a year-over-year basis. On average, research analysts forecast that McGrath RentCorp will post 4.48 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders 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 dividend yield of 1.77%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 40.25%.

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.