Quantbot Technologies LP Takes Position in McGrath RentCorp $MGRC

Quantbot Technologies LP purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,927 shares of the financial services provider’s stock, valued at approximately $803,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in McGrath RentCorp by 10.3% in the first quarter. Invesco Ltd. now owns 38,601 shares of the financial services provider’s stock worth $4,300,000 after acquiring an additional 3,604 shares in the last quarter. Virtu Financial LLC bought a new position in McGrath RentCorp in the 1st quarter worth about $531,000. Nuveen LLC purchased a new stake in McGrath RentCorp during the 1st quarter valued at about $8,480,000. Fox Run Management L.L.C. increased its stake in McGrath RentCorp by 234.8% during the 1st quarter. Fox Run Management L.L.C. now owns 8,461 shares of the financial services provider’s stock valued at $943,000 after purchasing an additional 5,934 shares in the last quarter. Finally, Raymond James Financial Inc. raised its holdings in McGrath RentCorp by 25.1% in the first quarter. Raymond James Financial Inc. now owns 147,448 shares of the financial services provider’s stock worth $16,425,000 after buying an additional 29,587 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Trading Up 0.6%

Shares of MGRC opened at $102.72 on Wednesday. The firm has a fifty day simple moving average of $108.59 and a two-hundred day simple moving average of $115.31. The firm has a market cap of $2.53 billion, a PE ratio of 17.38, a P/E/G ratio of 1.08 and a beta of 0.51. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.11). McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.The firm had revenue of $256.44 million during the quarter, compared to the consensus estimate of $266.62 million. During the same period in the previous year, the firm earned $1.87 EPS. The business’s revenue was down 3.9% on a year-over-year basis. As a group, research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 17th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is 32.83%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Oppenheimer raised their price target on shares of McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. Weiss Ratings cut McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 30th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, McGrath RentCorp has a consensus rating of “Moderate Buy” and a consensus price target of $147.50.

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.