McGrath RentCorp (NASDAQ:MGRC) Stake Boosted by Alpine Associates Management Inc.

Alpine Associates Management Inc. raised its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 9.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 710,853 shares of the financial services provider’s stock after purchasing an additional 63,366 shares during the period. McGrath RentCorp comprises about 3.6% of Alpine Associates Management Inc.’s portfolio, making the stock its 11th largest holding. Alpine Associates Management Inc. owned approximately 2.90% of McGrath RentCorp worth $75,741,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Magnetar Financial LLC bought a new stake in shares of McGrath RentCorp during the 1st quarter valued at about $84,042,000. Capital Research Global Investors bought a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $55,950,000. Public Employees Retirement Association of Colorado raised 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 worth $29,767,000 after purchasing an additional 241,340 shares during the period. Vaughan Nelson Investment Management L.P. lifted 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 purchasing an additional 174,240 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of McGrath RentCorp in the 4th quarter worth approximately $19,469,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

McGrath RentCorp Stock Down 2.3 %

Shares of NASDAQ:MGRC opened at $101.65 on Monday. McGrath RentCorp has a fifty-two week low of $95.71 and a fifty-two week high of $130.86. The company has a market cap of $2.50 billion, a PE ratio of 19.81, a P/E/G ratio of 1.46 and a beta of 0.76. The company’s 50-day moving average price is $106.60 and its 200 day moving average price is $110.48.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business had revenue of $212.60 million for the quarter, compared to the consensus estimate of $210.23 million. During the same period last year, the firm posted $1.14 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts anticipate that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.87%. McGrath RentCorp’s payout ratio is 37.04%.

McGrath RentCorp Profile

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.