10,264 Shares in McGrath RentCorp $MGRC Bought by TrueMark Investments LLC

TrueMark Investments LLC purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,264 shares of the financial services provider’s stock, valued at approximately $1,190,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MGRC. Channing Capital Management LLC bought a new stake in shares of McGrath RentCorp in the 1st quarter worth about $55,049,000. Allianz Asset Management GmbH increased its position in shares of McGrath RentCorp by 1,803.8% in the 2nd quarter. Allianz Asset Management GmbH now owns 180,195 shares of the financial services provider’s stock worth $20,895,000 after purchasing an additional 170,730 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of McGrath RentCorp by 13.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider’s stock worth $115,685,000 after purchasing an additional 120,829 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of McGrath RentCorp by 1,337.6% in the 1st quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider’s stock worth $13,465,000 after purchasing an additional 112,463 shares during the last quarter. Finally, Eminence Capital LP increased its position in shares of McGrath RentCorp by 12.0% in the 1st quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider’s stock worth $93,584,000 after purchasing an additional 89,773 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling

In other news, Director Kimberly Ann Box sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following the completion of the sale, the director directly owned 7,000 shares of the company’s stock, valued at approximately $829,500. This represents a 17.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph F. Hanna sold 14,577 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of the sale, the chief executive officer owned 153,637 shares in the company, valued at $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $118.95 on Friday. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93. The company has a 50-day simple moving average of $120.17 and a 200-day simple moving average of $115.78. The firm has a market capitalization of $2.93 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.23 and a beta of 0.56.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.16. The firm had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. McGrath RentCorp’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 EPS. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 17th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 18.89%.

Wall Street Analyst Weigh In

MGRC has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of McGrath RentCorp in a research report on Tuesday, October 14th. Oppenheimer boosted their target price on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $147.50.

McGrath RentCorp Company Profile

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.