New York State Common Retirement Fund Sells 3,445 Shares of McGrath RentCorp (NASDAQ:MGRC)

New York State Common Retirement Fund lowered its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 16.6% during the third quarter, HoldingsChannel reports. The fund owned 17,351 shares of the financial services provider’s stock after selling 3,445 shares during the quarter. New York State Common Retirement Fund’s holdings in McGrath RentCorp were worth $1,248,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. grew its position in shares of McGrath RentCorp by 27.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,278,924 shares of the financial services provider’s stock valued at $92,019,000 after buying an additional 275,648 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $800,000. Nordea Investment Management AB grew its position in shares of McGrath RentCorp by 98.6% in the 3rd quarter. Nordea Investment Management AB now owns 182,048 shares of the financial services provider’s stock valued at $13,436,000 after buying an additional 90,371 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of McGrath RentCorp by 12.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 7,749 shares of the financial services provider’s stock valued at $558,000 after buying an additional 878 shares during the last quarter. Finally, Huntington National Bank grew its position in shares of McGrath RentCorp by 33.7% in the 3rd quarter. Huntington National Bank now owns 667 shares of the financial services provider’s stock valued at $48,000 after buying an additional 168 shares during the last quarter. Institutional investors and hedge funds own 82.37% of the company’s stock.

Shares of NASDAQ:MGRC opened at $78.19 on Friday. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 20.74, a P/E/G ratio of 2.17 and a beta of 0.85. The business’s 50-day moving average is $78.67 and its 200-day moving average is $75.77. McGrath RentCorp has a 1 year low of $67.08 and a 1 year high of $87.53.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, October 28th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.20). The business had revenue of $173.29 million during the quarter, compared to analyst estimates of $177.61 million. McGrath RentCorp had a net margin of 15.67% and a return on equity of 13.30%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.15 earnings per share. Research analysts predict that McGrath RentCorp will post 3.6 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, January 31st. Investors of record on Monday, January 17th will be paid a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, January 14th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 46.15%.

Separately, Zacks Investment Research upgraded McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 30th.

McGrath RentCorp Company Profile

McGrath RentCorp engages in the provision of business-to-business rental services. It operates through the following segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment operates for its modular building and portable storage. The TRS-RenTelco segment includes operations for its electronic test equipment.

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

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