Swiss National Bank Has $1,295,000 Stake in McGrath RentCorp (MGRC)
Swiss National Bank maintained its stake in shares of McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,400 shares of the financial services provider’s stock at the close of the 2nd quarter. Swiss National Bank owned about 0.16% of McGrath RentCorp worth $1,295,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of McGrath RentCorp by 17.0% during the first quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock worth $70,282,000 after buying an additional 304,573 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of McGrath RentCorp by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,734,398 shares of the financial services provider’s stock worth $58,223,000 after buying an additional 5,082 shares in the last quarter. Deprince Race & Zollo Inc. grew its holdings in shares of McGrath RentCorp by 4.2% during the second quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock worth $38,752,000 after buying an additional 45,353 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of McGrath RentCorp by 36.5% during the first quarter. Renaissance Technologies LLC now owns 571,595 shares of the financial services provider’s stock worth $19,188,000 after buying an additional 152,800 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of McGrath RentCorp by 2.1% during the second quarter. Russell Investments Group Ltd. now owns 360,034 shares of the financial services provider’s stock worth $12,468,000 after buying an additional 7,507 shares in the last quarter. 82.54% of the stock is owned by institutional investors.
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MGRC has been the subject of a number of research reports. Zacks Investment Research lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.
In other news, VP John P. Skenesky sold 7,561 shares of McGrath RentCorp stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the transaction, the vice president now directly owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Trease Kristina Van sold 3,400 shares of McGrath RentCorp stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $39.61, for a total value of $134,674.00. Following the completion of the transaction, the vice president now directly owns 15,030 shares in the company, valued at $595,338.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,265 shares of company stock worth $719,958. 4.60% of the stock is owned by corporate insiders.
McGrath RentCorp (MGRC) opened at 46.44 on Friday. The stock’s 50 day moving average is $42.05 and its 200 day moving average is $36.73. McGrath RentCorp has a 12 month low of $29.26 and a 12 month high of $46.73. The firm has a market cap of $1.11 billion, a PE ratio of 26.55 and a beta of 0.97.
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, topping analysts’ consensus estimates of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The firm had revenue of $109.58 million for the quarter, compared to analyst estimates of $105.36 million. During the same period last year, the company earned $0.38 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities analysts forecast that McGrath RentCorp will post $1.88 earnings per share for the current year.
The firm 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 $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Monday, October 16th. McGrath RentCorp’s payout ratio is 59.43%.
McGrath RentCorp Profile
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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