Brown Brothers Harriman & Co. Sells 690 Shares of McGrath RentCorp (NASDAQ:MGRC)

Brown Brothers Harriman & Co. trimmed its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 23.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,260 shares of the financial services provider’s stock after selling 690 shares during the period. Brown Brothers Harriman & Co.’s holdings in McGrath RentCorp were worth $241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of McGrath RentCorp during the first quarter valued at approximately $171,000. TFG Advisers LLC purchased a new stake in McGrath RentCorp in the first quarter worth $203,000. J.W. Cole Advisors Inc. purchased a new stake in McGrath RentCorp in the first quarter worth $210,000. Meeder Asset Management Inc. bought a new stake in shares of McGrath RentCorp during the first quarter worth $213,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in shares of McGrath RentCorp during the fourth quarter valued at $217,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

McGrath RentCorp Stock Down 3.1 %

Shares of NASDAQ:MGRC opened at $98.99 on Thursday. The business’s 50 day moving average is $106.35 and its 200 day moving average is $110.10. The stock has a market cap of $2.43 billion, a P/E ratio of 19.30, a price-to-earnings-growth ratio of 1.46 and a beta of 0.76. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $210.23 million. During the same quarter in the prior year, the business posted $1.14 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts anticipate that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be given a $0.475 dividend. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.92%. McGrath RentCorp’s payout ratio 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.