Magnetar Financial LLC Trims Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Magnetar Financial LLC trimmed its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 0.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 678,429 shares of the financial services provider’s stock after selling 2,787 shares during the quarter. McGrath RentCorp makes up about 1.5% of Magnetar Financial LLC’s investment portfolio, making the stock its 19th largest holding. Magnetar Financial LLC owned approximately 2.76% of McGrath RentCorp worth $72,287,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Capital Research Global Investors purchased a new position in McGrath RentCorp during the fourth quarter valued at $55,950,000. Public Employees Retirement Association of Colorado grew its stake in shares of McGrath RentCorp by 3,216.2% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock valued at $29,767,000 after acquiring an additional 241,340 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in McGrath RentCorp by 82.3% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock worth $47,619,000 after acquiring an additional 174,240 shares in the last quarter. Norges Bank bought a new stake in McGrath RentCorp during the 4th quarter worth approximately $19,469,000. Finally, Wellington Management Group LLP lifted its holdings in 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. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Stock Up 0.1 %

Shares of McGrath RentCorp stock opened at $99.30 on Monday. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.46 and a beta of 0.76. The stock’s 50-day simple moving average is $105.98 and its 200-day simple moving average is $109.66. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

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

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Thursday.

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.