Dimensional Fund Advisors LP Sells 195,813 Shares of McGrath RentCorp (NASDAQ:MGRC)

Dimensional Fund Advisors LP trimmed its position in McGrath RentCorp (NASDAQ:MGRC) by 21.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 738,201 shares of the financial services provider’s stock after selling 195,813 shares during the quarter. Dimensional Fund Advisors LP’s holdings in McGrath RentCorp were worth $78,653,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MGRC. SG Americas Securities LLC purchased a new position in shares of McGrath RentCorp in the 1st quarter valued at approximately $171,000. TFG Advisers LLC acquired a new stake in shares of McGrath RentCorp during the first quarter worth $203,000. J.W. Cole Advisors Inc. purchased a new stake in shares of McGrath RentCorp during the first quarter valued at $210,000. Meeder Asset Management Inc. acquired a new position in shares of McGrath RentCorp in the 1st quarter valued at $213,000. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $230,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGRC. Oppenheimer initiated coverage on McGrath RentCorp in a research note on Wednesday. They set an “outperform” rating and a $120.00 price target on the stock. StockNews.com lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Friday.

McGrath RentCorp Price Performance

NASDAQ MGRC opened at $110.70 on Friday. The company has a fifty day moving average of $105.69 and a 200 day moving average of $109.43. The company has a market capitalization of $2.72 billion, a PE ratio of 21.58, a P/E/G 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.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). The company had revenue of $212.60 million during 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 business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $1.14 EPS. Research analysts expect that McGrath RentCorp will post 5.45 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is 37.04%.

About McGrath RentCorp

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.