McGrath RentCorp (MGRC) Shares Sold by California State Teachers Retirement System
California State Teachers Retirement System reduced its position in McGrath RentCorp (NASDAQ:MGRC) by 10.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,534 shares of the financial services provider’s stock after selling 4,686 shares during the period. California State Teachers Retirement System owned approximately 0.17% of McGrath RentCorp worth $1,438,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in shares of McGrath RentCorp by 17,333.3% during the 2nd quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,160 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of McGrath RentCorp by 260.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock valued at $155,000 after buying an additional 3,241 shares during the period. Thrivent Financial For Lutherans purchased a new stake in shares of McGrath RentCorp during the 2nd quarter valued at about $246,000. Legal & General Group Plc increased its holdings in McGrath RentCorp by 2.4% during 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 last quarter. Finally, Bank of America Corp DE increased its holdings in McGrath RentCorp by 9.7% during 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 last quarter. 82.53% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on MGRC shares. Zacks Investment Research downgraded McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 4th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. Finally, BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th.
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Shares of McGrath RentCorp (NASDAQ MGRC) opened at $46.47 on Tuesday. McGrath RentCorp has a twelve month low of $32.09 and a twelve month high of $49.66. The stock has a market capitalization of $1,112.69, a P/E ratio of 24.37, a price-to-earnings-growth ratio of 2.27 and a beta of 0.99.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.12. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. The company had revenue of $135.39 million for the quarter, compared to the consensus estimate of $124.90 million. During the same period in the previous year, the business earned $0.54 EPS. McGrath RentCorp’s revenue for the quarter was up 11.0% compared to the same quarter last year. analysts forecast that McGrath RentCorp will post 2.04 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 31st. Stockholders of record on Tuesday, October 17th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, October 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.24%. McGrath RentCorp’s dividend payout ratio (DPR) is 54.74%.
McGrath RentCorp Company 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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