TIAA CREF Investment Management LLC Cuts Stake in McGrath RentCorp (MGRC)

TIAA CREF Investment Management LLC decreased its stake in McGrath RentCorp (NASDAQ:MGRC) by 5.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 82,159 shares of the financial services provider’s stock after selling 4,862 shares during the period. TIAA CREF Investment Management LLC owned about 0.34% of McGrath RentCorp worth $2,758,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Deprince Race & Zollo Inc. boosted its stake in shares of McGrath RentCorp by 4.1% in the first quarter. Deprince Race & Zollo Inc. now owns 1,073,688 shares of the financial services provider’s stock valued at $36,044,000 after buying an additional 42,391 shares during the period. State Street Corp boosted its stake in shares of McGrath RentCorp by 15.7% in the fourth quarter. State Street Corp now owns 522,882 shares of the financial services provider’s stock valued at $20,491,000 after buying an additional 70,905 shares during the period. Norges Bank acquired a new stake in shares of McGrath RentCorp during the fourth quarter valued at approximately $16,302,000. ProShare Advisors LLC boosted its stake in shares of McGrath RentCorp by 17.3% in the first quarter. ProShare Advisors LLC now owns 184,421 shares of the financial services provider’s stock valued at $6,191,000 after buying an additional 27,158 shares during the period. Finally, Martingale Asset Management L P boosted its stake in shares of McGrath RentCorp by 87.9% in the first quarter. Martingale Asset Management L P now owns 75,174 shares of the financial services provider’s stock valued at $2,524,000 after buying an additional 35,174 shares during the period. 82.61% of the stock is currently owned by hedge funds and other institutional investors.

Shares of McGrath RentCorp (NASDAQ MGRC) opened at 38.64 on Friday. McGrath RentCorp has a one year low of $29.26 and a one year high of $41.61. The company has a market capitalization of $927.09 million, a PE ratio of 22.09 and a beta of 0.97. The stock has a 50 day moving average of $36.26 and a 200-day moving average of $35.19.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly 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. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The company had revenue of $109.58 million for the quarter, compared to analyst estimates of $105.36 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities analysts forecast that McGrath RentCorp will post $1.88 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Monday, July 17th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, July 13th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 59.43%.

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MGRC has been the topic of several analyst reports. Zacks Investment Research cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. BidaskClub cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.

In related news, VP Keith E. Pratt sold 3,261 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $40.73, for a total transaction of $132,820.53. Following the sale, the vice president now owns 26,000 shares of the company’s stock, valued at approximately $1,058,980. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John P. Skenesky sold 7,561 shares of the company’s stock in a transaction that occurred 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 directly owns 6,387 shares in the company, valued at approximately $245,707.89. The disclosure for this sale can be found here. Corporate insiders own 4.60% of the company’s stock.

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).

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

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