Renaissance Technologies LLC Reduces Position in McGrath RentCorp (MGRC)

Renaissance Technologies LLC cut its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 4.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 544,202 shares of the financial services provider’s stock after selling 27,393 shares during the quarter. Renaissance Technologies LLC owned about 2.27% of McGrath RentCorp worth $18,846,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Connors Investor Services Inc. boosted its position in shares of McGrath RentCorp by 1.0% during the second quarter. Connors Investor Services Inc. now owns 52,287 shares of the financial services provider’s stock valued at $1,811,000 after purchasing an additional 498 shares in the last quarter. Northern Trust Corp boosted its position in shares of McGrath RentCorp by 8.9% during the second quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock valued at $17,701,000 after purchasing an additional 41,984 shares in the last quarter. D.A. Davidson & CO. boosted its position in shares of McGrath RentCorp by 3.1% during the second quarter. D.A. Davidson & CO. now owns 13,750 shares of the financial services provider’s stock valued at $476,000 after purchasing an additional 410 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of McGrath RentCorp by 4.4% during the second quarter. New York State Common Retirement Fund now owns 35,190 shares of the financial services provider’s stock valued at $1,219,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Thrivent Financial For Lutherans bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $246,000. Institutional investors own 82.54% of the company’s stock.

In other McGrath RentCorp news, VP John P. Skenesky sold 7,561 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $38.47, for a total transaction of $290,871.67. Following the sale, the vice president now owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Keith E. Pratt sold 3,261 shares of the stock in a transaction 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 sale, the vice president now directly owns 26,000 shares in the company, valued at approximately $1,058,980. 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 ninety days. Insiders own 4.60% of the company’s stock.

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Shares of McGrath RentCorp (NASDAQ MGRC) opened at 46.44 on Friday. McGrath RentCorp has a 52-week low of $29.26 and a 52-week high of $46.73. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 26.55 and a beta of 0.97. The company’s 50 day moving average price is $42.05 and its 200 day moving average price is $36.73.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.10. The business had revenue of $109.58 million for the quarter, compared to analysts’ expectations of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. On average, analysts predict that McGrath RentCorp will post $1.88 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 17th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, October 16th. This represents a $1.04 annualized dividend and a yield of 2.24%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 59.43%.

Several equities research analysts recently weighed in on MGRC shares. BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Saturday, August 5th.

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).

Institutional Ownership by Quarter for McGrath RentCorp (NASDAQ:MGRC)

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