Gabelli Funds LLC Purchases 4,943 Shares of McGrath RentCorp $MGRC

Gabelli Funds LLC lifted its position in McGrath RentCorp (NASDAQ:MGRC) by 10.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,186 shares of the financial services provider’s stock after purchasing an additional 4,943 shares during the quarter. Gabelli Funds LLC owned 0.22% of McGrath RentCorp worth $5,976,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after buying an additional 238 shares during the last quarter. Danske Bank A S bought a new position in McGrath RentCorp during the third quarter valued at approximately $47,000. Strs Ohio bought a new position in McGrath RentCorp during the first quarter valued at approximately $56,000. Covestor Ltd raised its stake in shares of McGrath RentCorp by 52.0% during the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 474 shares in the last quarter. Finally, Palouse Capital Management Inc. purchased a new position in shares of McGrath RentCorp during the fourth quarter worth approximately $152,000. 92.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $141.50.

McGrath RentCorp Stock Up 0.2%

Shares of McGrath RentCorp stock opened at $120.00 on Tuesday. The business has a 50 day moving average of $115.11 and a 200 day moving average of $113.20. McGrath RentCorp has a 52 week low of $94.99 and a 52 week high of $128.41. The company has a market cap of $2.95 billion, a PE ratio of 19.05, a P/E/G ratio of 1.22 and a beta of 0.43.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.03). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. The company had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. On average, research analysts anticipate that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a dividend of $0.495 per share. The ex-dividend date is Friday, July 17th. This represents a $1.98 annualized dividend and a dividend yield of 1.7%. McGrath RentCorp’s payout ratio is currently 31.43%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, insider Trease Kristina Van sold 3,783 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the sale, the insider directly owned 6,533 shares in the company, valued at $742,475.45. This trade represents a 36.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph F. Hanna sold 9,470 shares of McGrath RentCorp stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $112.49, for a total value of $1,065,280.30. Following the sale, the director directly owned 159,579 shares in the company, valued at approximately $17,951,041.71. The trade was a 5.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 30,051 shares of company stock valued at $3,486,240 over the last three months. Corporate 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.