Loomis Sayles & Co. L P Buys 242,598 Shares of McGrath RentCorp $MGRC

Loomis Sayles & Co. L P boosted its stake in McGrath RentCorp (NASDAQ:MGRC) by 282.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 328,609 shares of the financial services provider’s stock after purchasing an additional 242,598 shares during the period. Loomis Sayles & Co. L P owned about 1.34% of McGrath RentCorp worth $38,106,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Channing Capital Management LLC purchased a new stake in McGrath RentCorp during the 1st quarter valued at $55,049,000. Allianz Asset Management GmbH raised its stake in shares of McGrath RentCorp by 1,803.8% during the second quarter. Allianz Asset Management GmbH now owns 180,195 shares of the financial services provider’s stock valued at $20,895,000 after acquiring an additional 170,730 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of McGrath RentCorp by 13.2% during the first 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 period. Eminence Capital LP grew its stake in shares of McGrath RentCorp by 12.0% in the first 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. Finally, Nuveen LLC bought a new stake in shares of McGrath RentCorp in the first quarter worth about $8,480,000. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Price Performance

MGRC stock opened at $103.08 on Friday. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $129.93. The firm has a 50-day moving average of $110.85 and a 200 day moving average of $115.90. The company has a market cap of $2.54 billion, a P/E ratio of 17.44, a PEG ratio of 1.18 and a beta of 0.55.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.11). McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. The firm had revenue of $256.44 million for the quarter, compared to the consensus estimate of $266.62 million. During the same period in the previous year, the firm posted $1.87 earnings per share. The business’s revenue was down 3.9% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Friday, October 17th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MGRC. Weiss Ratings lowered McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 30th. Oppenheimer boosted their target price on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $147.50.

McGrath RentCorp 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.