Allianz Asset Management GmbH Decreases Holdings in McGrath RentCorp $MGRC

Allianz Asset Management GmbH trimmed its holdings in McGrath RentCorp (NASDAQ:MGRC) by 3.7% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 173,484 shares of the financial services provider’s stock after selling 6,711 shares during the quarter. Allianz Asset Management GmbH owned 0.70% of McGrath RentCorp worth $20,350,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Peterson Wealth Services lifted its stake in McGrath RentCorp by 6,091.0% in the third quarter. Peterson Wealth Services now owns 21,359 shares of the financial services provider’s stock worth $2,505,000 after purchasing an additional 21,014 shares during the last quarter. Jackson Creek Investment Advisors LLC purchased a new position in shares of McGrath RentCorp in the third quarter worth about $1,246,000. Principal Financial Group Inc. lifted its stake in shares of McGrath RentCorp by 8.7% in the 3rd quarter. Principal Financial Group Inc. now owns 13,887 shares of the financial services provider’s stock valued at $1,629,000 after acquiring an additional 1,110 shares during the last quarter. Keybank National Association OH boosted its holdings in McGrath RentCorp by 14.1% during the 3rd quarter. Keybank National Association OH now owns 5,050 shares of the financial services provider’s stock valued at $592,000 after acquiring an additional 625 shares during the period. Finally, Arizona State Retirement System grew its position in McGrath RentCorp by 1.7% during the 3rd quarter. Arizona State Retirement System now owns 7,270 shares of the financial services provider’s stock worth $853,000 after acquiring an additional 119 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MGRC. Weiss Ratings reissued a “hold (c+)” rating on shares of McGrath RentCorp in a research note on Tuesday, January 27th. Zacks Research raised shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, McGrath RentCorp currently has an average rating of “Hold” and an average price target of $143.00.

McGrath RentCorp Stock Down 0.6%

NASDAQ:MGRC opened at $119.43 on Friday. The stock has a market cap of $2.94 billion, a P/E ratio of 20.21, a price-to-earnings-growth ratio of 1.17 and a beta of 0.51. The firm’s fifty day simple moving average is $109.18 and its 200 day simple moving average is $113.61. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $129.93.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 16th were given a dividend of $0.485 per share. The ex-dividend date was Friday, January 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.6%. McGrath RentCorp’s payout ratio is currently 32.83%.

Insider Transactions at McGrath RentCorp

In related news, SVP Gilda Malek sold 829 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $107.29, for a total value of $88,943.41. Following the completion of the transaction, the senior vice president directly owned 4,068 shares of the company’s stock, valued at $436,455.72. This represents a 16.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by insiders.

McGrath RentCorp Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.