Praxis Investment Management Inc. Makes New $394,000 Investment in McGrath RentCorp $MGRC

Praxis Investment Management Inc. purchased a new position in McGrath RentCorp (NASDAQ:MGRC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,400 shares of the financial services provider’s stock, valued at approximately $394,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MGRC. Strs Ohio purchased a new stake in McGrath RentCorp in the first quarter worth about $56,000. Adirondack Trust Co. boosted its stake in shares of McGrath RentCorp by 20.0% in the second quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 100 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of McGrath RentCorp in the second quarter worth about $201,000. Focus Partners Wealth boosted its stake in shares of McGrath RentCorp by 68.6% in the first quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider’s stock worth $228,000 after acquiring an additional 832 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of McGrath RentCorp by 9.1% in the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider’s stock worth $233,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analyst Ratings Changes

MGRC has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of McGrath RentCorp in a research note on Tuesday, October 14th. Oppenheimer upped their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research note on Thursday, September 18th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $147.50.

Insider Buying and Selling

In other news, Director Kimberly Ann Box sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 $829,500. This trade represents a 17.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph F. Hanna sold 14,577 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the completion of the sale, the chief executive officer directly owned 153,637 shares of the company’s stock, 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. 1.40% of the stock is currently owned by corporate insiders.

McGrath RentCorp Trading Up 1.0%

Shares of McGrath RentCorp stock opened at $118.95 on Friday. The stock has a 50 day moving average of $120.17 and a 200 day moving average of $115.78. McGrath RentCorp has a 12 month low of $97.81 and a 12 month high of $129.93. The firm has a market cap of $2.93 billion, a PE ratio of 11.58, a PEG ratio of 1.23 and a beta of 0.56.

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

McGrath RentCorp Dividend Announcement

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

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.