Cubist Systematic Strategies LLC Has $1.24 Million Holdings in McGrath RentCorp (NASDAQ:MGRC)

Cubist Systematic Strategies LLC lifted its stake in McGrath RentCorp (NASDAQ:MGRC) by 69.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,598 shares of the financial services provider’s stock after buying an additional 4,755 shares during the period. Cubist Systematic Strategies LLC’s holdings in McGrath RentCorp were worth $1,236,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Allianz Asset Management GmbH raised its holdings in shares of McGrath RentCorp by 0.4% in the 4th quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock worth $2,987,000 after buying an additional 90 shares in the last quarter. Sei Investments Co. increased its holdings in McGrath RentCorp by 2.9% during the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock valued at $552,000 after purchasing an additional 126 shares in the last quarter. Arizona State Retirement System increased its holdings in McGrath RentCorp by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after purchasing an additional 141 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in McGrath RentCorp by 4.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,085 shares of the financial services provider’s stock valued at $648,000 after purchasing an additional 256 shares during the last quarter. Finally, Chatham Capital Group Inc. raised its position in McGrath RentCorp by 1.1% in the 2nd quarter. Chatham Capital Group Inc. now owns 25,657 shares of the financial services provider’s stock valued at $2,734,000 after purchasing an additional 280 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MGRC. StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Oppenheimer began coverage on McGrath RentCorp in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $120.00 price objective for the company.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $105.43 on Wednesday. The stock has a fifty day moving average price of $105.37 and a two-hundred day moving average price of $109.10. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.47 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results 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). The firm had revenue of $212.60 million for 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%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.14 EPS. As a group, research analysts predict that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be given a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.80%. McGrath RentCorp’s payout ratio is currently 37.04%.

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.