Squarepoint Ops LLC Lowers Stock Holdings in McGrath RentCorp $MGRC

Key Points

• Squarepoint Ops LLC cut its McGrath RentCorp stake by 54.2% in the second quarter, selling 9,820 shares and retaining 8,293 shares valued at approximately $1.0 million.
• Institutional ownership remains high at 92.05%, with BlackRock and several other investment firms establishing significant new positions during the quarter.
• McGrath RentCorp reported quarterly EPS of $1.37 and revenue of $221.11 million, both below analyst expectations. Shares opened at $111.58, while analysts maintain an average “Hold” rating and a $140 price target.

Squarepoint Ops LLC reduced its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 54.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,293 shares of the financial services provider's stock after selling 9,820 shares during the quarter. Squarepoint Ops LLC's holdings in McGrath RentCorp were worth $1,004,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of MGRC. BlackRock Inc. bought a new stake in McGrath RentCorp in the 2nd quarter worth approximately $252,840,000. Neumeier Poma Investment Counsel LLC purchased a new position in shares of McGrath RentCorp during the second quarter worth approximately $35,716,921. Medina Value Partners LLC purchased a new position in shares of McGrath RentCorp during the second quarter worth approximately $25,451,883. William Blair Investment Management LLC purchased a new position in shares of McGrath RentCorp during the second quarter worth approximately $22,833,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of McGrath RentCorp in the 2nd quarter worth approximately $19,038,000. 92.05% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Philip Hawkins sold 4,435 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $120.91, for a total transaction of $536,235.85. Following the completion of the sale, the chief executive officer directly owned 13,371 shares in the company, valued at approximately $1,616,687.61. This represents a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Lieffrig sold 500 shares of the firm's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $125.00, for a total value of $62,500.00. Following the completion of the sale, the vice president directly owned 23,551 shares in the company, valued at $2,943,875. The trade was a 2.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 16,435 shares of company stock worth $1,994,356. 1.40% of the stock is currently owned by corporate insiders.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $111.58 on Friday. The business has a 50-day moving average of $116.12 and a 200 day moving average of $113.66. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $125.83. The stock has a market capitalization of $2.73 billion, a PE ratio of 17.97, a P/E/G ratio of 1.13 and a beta of 0.45.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.47 by ($0.10). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. The company had revenue of $221.11 million for the quarter, compared to analysts' expectations of $236.51 million. Analysts anticipate that McGrath RentCorp will post 6.37 EPS for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $140.00.

McGrath RentCorp Company Profile

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test and measurement equipment, and liquid and solid containment solutions. Its services supported customers in industries including construction, education, government, commercial operations, telecommunications and environmental management.

The company operated through several specialized businesses. Mobile Modular supplied relocatable classrooms, office buildings and other modular structures, while Mobile Modular Portable Storage offered portable storage units.

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