Cubist Systematic Strategies LLC Has $327,000 Stock Position in McGrath RentCorp (NASDAQ:MGRC)

Cubist Systematic Strategies LLC lowered its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 92.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,928 shares of the financial services provider's stock after selling 33,687 shares during the quarter. Cubist Systematic Strategies LLC's holdings in McGrath RentCorp were worth $327,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MGRC. Barclays PLC lifted its position in shares of McGrath RentCorp by 351.6% in the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider's stock worth $4,269,000 after acquiring an additional 31,575 shares during the period. Empirical Asset Management LLC bought a new position in shares of McGrath RentCorp during the 4th quarter worth approximately $207,000. Janney Montgomery Scott LLC lifted its position in shares of McGrath RentCorp by 4.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,342 shares of the financial services provider's stock worth $933,000 after buying an additional 357 shares during the period. KBC Group NV lifted its position in shares of McGrath RentCorp by 37.3% during the 4th quarter. KBC Group NV now owns 1,053 shares of the financial services provider's stock worth $118,000 after buying an additional 286 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in shares of McGrath RentCorp by 12.9% during the 4th quarter. Hantz Financial Services Inc. now owns 21,939 shares of the financial services provider's stock worth $2,453,000 after buying an additional 2,506 shares during the period. Institutional investors own 92.05% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th.

Insider Activity at McGrath RentCorp

In related news, COO Philip B. Hawkins sold 4,804 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction of $497,550.28. Following the completion of the sale, the chief operating officer now directly owns 3,150 shares of the company's stock, valued at $326,245.50. This trade represents a 60.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John P. Skenesky sold 2,500 shares of the firm's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $111.32, for a total value of $278,300.00. Following the sale, the vice president now directly owns 8,692 shares of the company's stock, valued at $967,593.44. This represents a 22.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,871 shares of company stock valued at $1,506,731 in the last three months. Corporate insiders own 1.60% of the company's stock.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock traded down $1.17 during midday trading on Friday, hitting $113.38. 79,702 shares of the company were exchanged, compared to its average volume of 181,694. The firm has a market cap of $2.79 billion, a P/E ratio of 12.02, a PEG ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The firm has a 50 day simple moving average of $109.53 and a 200-day simple moving average of $115.36.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The firm had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. During the same period last year, the firm posted $0.93 EPS. The business's revenue was up 4.0% on a year-over-year basis. Equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

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.