Citadel Advisors LLC Acquires 54,767 Shares of McGrath RentCorp (MGRC)

Citadel Advisors LLC grew its holdings in McGrath RentCorp (NASDAQ:MGRC) by 171.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,707 shares of the financial services provider’s stock after buying an additional 54,767 shares during the period. Citadel Advisors LLC owned 0.36% of McGrath RentCorp worth $4,723,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MGRC. ELM Advisors LLC acquired a new stake in shares of McGrath RentCorp in the third quarter valued at about $131,000. Panagora Asset Management Inc. raised its position in shares of McGrath RentCorp by 3,782.1% in the third quarter. Panagora Asset Management Inc. now owns 2,601 shares of the financial services provider’s stock valued at $142,000 after buying an additional 2,534 shares during the last quarter. Ausdal Financial Partners Inc. acquired a new stake in shares of McGrath RentCorp in the second quarter valued at about $202,000. Mirador Capital Partners LP acquired a new stake in shares of McGrath RentCorp in the second quarter valued at about $218,000. Finally, Sterling Capital Management LLC acquired a new stake in shares of McGrath RentCorp in the second quarter valued at about $218,000. Institutional investors and hedge funds own 83.06% of the company’s stock.

Shares of MGRC opened at $52.13 on Friday. McGrath RentCorp has a 12-month low of $42.98 and a 12-month high of $68.79. The stock has a market capitalization of $1.25 billion, a P/E ratio of 24.36, a PEG ratio of 1.75 and a beta of 0.72.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Tuesday, October 30th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.11. McGrath RentCorp had a net margin of 35.47% and a return on equity of 12.61%. The firm had revenue of $143.10 million during the quarter, compared to analyst estimates of $139.87 million. During the same quarter in the prior year, the firm posted $0.69 earnings per share. McGrath RentCorp’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, research analysts expect that McGrath RentCorp will post 2.95 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Investors of record on Thursday, January 17th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Wednesday, January 16th. McGrath RentCorp’s dividend payout ratio is currently 63.55%.

In related news, VP Keith E. Pratt sold 1,841 shares of the company’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $53.00, for a total value of $97,573.00. Following the completion of the sale, the vice president now owns 25,382 shares of the company’s stock, valued at $1,345,246. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John Lieffrig sold 1,284 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $54.43, for a total transaction of $69,888.12. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

A number of equities research analysts have recently commented on MGRC shares. ValuEngine cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Tuesday, September 11th. Berenberg Bank started coverage on shares of McGrath RentCorp in a research report on Wednesday, September 19th. They issued a “buy” rating and a $70.00 target price for the company. BidaskClub upgraded shares of McGrath RentCorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 target price for the company in a research report on Friday, November 2nd.

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McGrath RentCorp Profile

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

Further Reading: Understanding Compound Annual Growth Rate (CAGR)

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

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