Cubist Systematic Strategies LLC Lowers Stake in McGrath RentCorp (NASDAQ:MGRC)

Cubist Systematic Strategies LLC reduced its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 92.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,928 shares of the financial services provider’s stock after selling 33,687 shares during the period. Cubist Systematic Strategies LLC’s holdings in McGrath RentCorp were worth $327,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of MGRC. Atala Financial Inc purchased a new position in McGrath RentCorp during the 4th quarter worth $31,000. New Age Alpha Advisors LLC purchased a new position in McGrath RentCorp during the 4th quarter worth $33,000. Canada Pension Plan Investment Board purchased a new position in McGrath RentCorp during the 4th quarter worth $89,000. KBC Group NV grew its position in McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 286 shares during the last quarter. Finally, Xponance Inc. purchased a new position in McGrath RentCorp during the 4th quarter worth $200,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, April 25th.

Insider Activity

In related news, VP John P. Skenesky sold 2,500 shares of the business’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $111.32, for a total transaction of $278,300.00. Following the sale, the vice president now owns 8,692 shares of the company’s stock, valued at approximately $967,593.44. The trade was a 22.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kimberly Ann Box sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. This represents a 11.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,871 shares of company stock valued at $1,506,731 over the last quarter. Corporate insiders own 1.60% of the company’s stock.

McGrath RentCorp Stock Up 0.6%

Shares of NASDAQ:MGRC opened at $115.74 on Friday. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.35 and a beta of 0.66. The firm’s 50-day simple moving average is $109.30 and its 200-day simple moving average is $115.38. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.13. The business had revenue of $195.42 million for the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 earnings per share. On average, research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th were issued a $0.485 dividend. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.68%. McGrath RentCorp’s payout ratio is presently 20.10%.

McGrath RentCorp Company 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.