Dimensional Fund Advisors LP Grows Position in McGrath RentCorp (MGRC)
Dimensional Fund Advisors LP increased its position in McGrath RentCorp (NASDAQ:MGRC) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,746,105 shares of the financial services provider’s stock after acquiring an additional 11,707 shares during the period. Dimensional Fund Advisors LP owned approximately 7.28% of McGrath RentCorp worth $60,468,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGRC. US Bancorp DE grew its holdings in shares of 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 acquiring an additional 4,160 shares during the period. BNP Paribas Arbitrage SA grew its holdings in shares of McGrath RentCorp by 260.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 3,241 shares during the period. Thrivent Financial For Lutherans acquired a new stake in shares of McGrath RentCorp in the 2nd quarter worth approximately $246,000. Legal & General Group Plc grew its holdings in shares of 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 acquiring an additional 172 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of 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 acquiring an additional 830 shares during the period. Institutional investors and hedge funds own 82.54% of the company’s stock.
In other McGrath RentCorp news, VP Keith E. Pratt sold 3,261 shares of McGrath RentCorp stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $40.73, for a total value of $132,820.53. Following the transaction, the vice president now owns 26,000 shares in the company, valued at $1,058,980. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Trease Kristina Van sold 3,400 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $39.61, for a total transaction of $134,674.00. Following the completion of 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. In the last 90 days, insiders sold 18,265 shares of company stock worth $719,958. 4.60% of the stock is currently owned by company insiders.
MGRC has been the topic of a number of research reports. Zacks Investment Research cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub cut McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th.
Shares of McGrath RentCorp (MGRC) opened at 45.58 on Friday. The firm has a market cap of $1.09 billion, a PE ratio of 26.06 and a beta of 0.97. McGrath RentCorp has a one year low of $29.27 and a one year high of $46.73. The firm’s 50-day moving average price is $42.35 and its 200-day moving average price is $36.85.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.10. The firm had revenue of $109.58 million for the quarter, compared to analyst estimates of $105.36 million. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 earnings per share. Equities research analysts expect that McGrath RentCorp will post $1.88 earnings per share for the current fiscal 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 given a $0.26 dividend. The ex-dividend date of this dividend is Monday, October 16th. This represents a $1.04 annualized dividend and a yield of 2.28%. McGrath RentCorp’s dividend payout ratio (DPR) 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).
Want to see what other hedge funds are holding MGRC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McGrath RentCorp (NASDAQ:MGRC).
Receive News & Stock Ratings for McGrath RentCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McGrath RentCorp and related stocks with our FREE daily email newsletter.