McGrath RentCorp (NASDAQ:MGRC) Shares Sold by American Century Companies Inc.

American Century Companies Inc. decreased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 79.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,899 shares of the financial services provider’s stock after selling 79,200 shares during the quarter. American Century Companies Inc. owned about 0.08% of McGrath RentCorp worth $2,120,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Swedbank AB increased its position in shares of McGrath RentCorp by 66.7% during the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after purchasing an additional 80,000 shares in the last quarter. Quantbot Technologies LP purchased a new stake in McGrath RentCorp in the 1st quarter valued at approximately $1,008,000. Vaughan Nelson Investment Management L.P. raised its holdings in McGrath RentCorp by 26.0% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after acquiring an additional 100,210 shares during the last quarter. AdvisorShares Investments LLC acquired a new position in McGrath RentCorp in the 4th quarter valued at $3,432,000. Finally, Vanguard Group Inc. raised its holdings in McGrath RentCorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after acquiring an additional 11,280 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $107.84 on Friday. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.47 and a beta of 0.76. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The company has a 50 day moving average price of $105.56 and a 200 day moving average price of $109.35.

McGrath RentCorp (NASDAQ:MGRC) last issued 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 company had revenue of $212.60 million for the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $1.14 EPS. On average, sell-side analysts expect that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.76%. McGrath RentCorp’s dividend payout ratio is 37.04%.

Wall Street Analyst Weigh In

MGRC has been the subject of several recent research reports. StockNews.com downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Friday. Oppenheimer started coverage on shares of McGrath RentCorp in a research report on Wednesday. They set an “outperform” rating and a $120.00 price target on the stock.

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.