Renaissance Group LLC Invests $7.59 Million in McGrath RentCorp $MGRC

Renaissance Group LLC purchased a new position in McGrath RentCorp (NASDAQ:MGRC) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 64,669 shares of the financial services provider’s stock, valued at approximately $7,586,000.

A number of other large investors have also recently added to or reduced their stakes in MGRC. Oliver Luxxe Assets LLC bought a new position in McGrath RentCorp during the third quarter worth $1,456,000. Ashton Thomas Private Wealth LLC bought a new stake in McGrath RentCorp during the third quarter valued at $6,866,000. Geode Capital Management LLC raised its holdings in shares of McGrath RentCorp by 2.0% during the second quarter. Geode Capital Management LLC now owns 610,231 shares of the financial services provider’s stock worth $70,771,000 after purchasing an additional 11,784 shares during the period. Ellsworth Advisors LLC bought a new position in shares of McGrath RentCorp in the 3rd quarter worth about $605,000. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of McGrath RentCorp by 20.5% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 71,788 shares of the financial services provider’s stock valued at $8,325,000 after buying an additional 12,199 shares during the period. 92.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MGRC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a research note on Tuesday, January 27th. Zacks Research raised McGrath RentCorp from a “strong sell” rating to a “hold” rating in a report on Thursday, January 15th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $143.00.

McGrath RentCorp Trading Down 0.6%

NASDAQ MGRC opened at $119.43 on Friday. The company has a 50-day moving average price of $109.18 and a two-hundred day moving average price of $113.61. McGrath RentCorp has a 52 week low of $94.99 and a 52 week high of $129.93. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 1.17 and a beta of 0.51.

McGrath RentCorp Announces Dividend

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

Insider Transactions at McGrath RentCorp

In other news, SVP Gilda Malek sold 829 shares of the stock in a transaction on Monday, December 15th. The stock was 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 owned 4,068 shares of the company’s stock, valued at approximately $436,455.72. This represents a 16.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Company 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.