State of New Jersey Common Pension Fund D Increases Position in McGrath RentCorp $MGRC

State of New Jersey Common Pension Fund D lifted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 6.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,442 shares of the financial services provider’s stock after purchasing an additional 1,047 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.07% of McGrath RentCorp worth $1,907,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MGRC. Strs Ohio acquired a new stake in McGrath RentCorp during the 1st quarter worth about $56,000. Adirondack Trust Co. lifted its position in McGrath RentCorp by 20.0% during the 2nd 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 acquired a new position in shares of McGrath RentCorp in the 2nd quarter valued at about $201,000. Focus Partners Wealth lifted its holdings in shares of McGrath RentCorp by 68.6% in the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider’s stock valued at $228,000 after buying an additional 832 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of McGrath RentCorp by 9.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider’s stock valued at $233,000 after buying an additional 174 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Buying and Selling

In other news, Director Kimberly Ann Box sold 1,500 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the sale, the director owned 7,000 shares of the company’s stock, valued at approximately $829,500. This represents a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is owned by company insiders.

McGrath RentCorp Stock Performance

MGRC opened at $107.44 on Friday. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93. The stock has a market capitalization of $2.64 billion, a PE ratio of 18.18, a P/E/G ratio of 1.18 and a beta of 0.56. The business’s 50 day moving average price is $119.15 and its 200 day moving average price is $116.51.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.11). McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. The business had revenue of $256.44 million during the quarter, compared to analyst estimates of $266.62 million. During the same quarter in the prior year, the company posted $1.87 earnings per share. The company’s revenue was down 3.9% 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 was paid on Friday, October 31st. Shareholders of record on Friday, October 17th were paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is 32.83%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MGRC shares. Oppenheimer boosted their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a report on Thursday, September 18th. Weiss Ratings cut McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, McGrath RentCorp has an average rating of “Moderate Buy” and a consensus target price of $147.50.

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.