McGrath RentCorp (NASDAQ:MGRC) Shares Purchased by Alpine Associates Management Inc.

Alpine Associates Management Inc. raised its holdings in McGrath RentCorp (NASDAQ:MGRC) by 9.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 710,853 shares of the financial services provider’s stock after acquiring an additional 63,366 shares during the quarter. McGrath RentCorp accounts for about 3.6% of Alpine Associates Management Inc.’s portfolio, making the stock its 11th biggest holding. Alpine Associates Management Inc.’s holdings in McGrath RentCorp were worth $75,741,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Magnetar Financial LLC acquired a new stake in McGrath RentCorp during the first quarter valued at approximately $84,042,000. Capital Research Global Investors bought a new position in shares of McGrath RentCorp in the fourth quarter valued at $55,950,000. Public Employees Retirement Association of Colorado lifted its position in shares of McGrath RentCorp by 3,216.2% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock valued at $29,767,000 after acquiring an additional 241,340 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of McGrath RentCorp by 82.3% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock worth $47,619,000 after acquiring an additional 174,240 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of McGrath RentCorp in the 4th quarter worth $19,469,000. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

MGRC stock opened at $101.65 on Monday. The company’s 50 day simple moving average is $106.60 and its 200-day simple moving average is $110.48. McGrath RentCorp has a 52-week low of $95.71 and a 52-week high of $130.86. The firm has a market capitalization of $2.50 billion, a P/E ratio of 19.81, a P/E/G ratio of 1.46 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). The business had revenue of $212.60 million during the quarter, compared to analysts’ expectations of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. McGrath RentCorp’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.14 EPS. Sell-side analysts predict that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be given a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.87%. McGrath RentCorp’s payout ratio is presently 37.04%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th.

About McGrath RentCorp

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.