BNP Paribas Arbitrage SA Has $155,000 Position in McGrath RentCorp (MGRC)
BNP Paribas Arbitrage SA lifted its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 260.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,484 shares of the financial services provider’s stock after acquiring an additional 3,241 shares during the period. BNP Paribas Arbitrage SA’s holdings in McGrath RentCorp were worth $155,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. US Bancorp DE grew its position in McGrath RentCorp by 17,333.3% in the 2nd quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 4,160 shares during the period. Airain ltd bought a new stake in McGrath RentCorp in the 1st quarter worth approximately $201,000. Legal & General Group Plc grew its position in McGrath RentCorp by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 172 shares during the period. Bank of America Corp DE grew its position in McGrath RentCorp by 9.7% in the 1st quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock worth $316,000 after purchasing an additional 830 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in McGrath RentCorp in the 1st quarter worth approximately $360,000. 82.54% of the stock is owned by institutional investors.
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A number of equities research analysts have commented on MGRC shares. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research report on Thursday, June 22nd. BidaskClub downgraded shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.
Shares of McGrath RentCorp (NASDAQ MGRC) opened at 43.84 on Thursday. The company has a market cap of $1.05 billion, a P/E ratio of 25.07 and a beta of 0.96. McGrath RentCorp has a 52-week low of $29.27 and a 52-week high of $44.24. The firm has a 50-day moving average of $39.52 and a 200-day moving average of $35.47.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The business had revenue of $109.58 million for the quarter, compared to analyst estimates of $105.36 million. During the same quarter in the prior year, the business posted $0.38 EPS. McGrath RentCorp’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts forecast that McGrath RentCorp will post $1.88 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 17th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, October 16th. This represents a $1.04 dividend on an annualized basis and a yield of 2.37%. McGrath RentCorp’s payout ratio is 59.43%.
In other McGrath RentCorp news, VP Keith E. Pratt sold 3,261 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $40.73, for a total transaction of $132,820.53. Following the transaction, the vice president now owns 26,000 shares in the company, valued at approximately $1,058,980. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Trease Kristina Van sold 3,400 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $39.61, for a total transaction of $134,674.00. Following the transaction, the vice president now owns 15,030 shares in the company, valued at approximately $595,338.30. The disclosure for this sale can be found here. Insiders have sold a total of 18,265 shares of company stock worth $719,958 in the last 90 days. 4.60% of the stock is currently owned by company insiders.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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