ProShare Advisors LLC Sells 11,187 Shares of McGrath RentCorp $MGRC

ProShare Advisors LLC cut its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 16.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,335 shares of the financial services provider’s stock after selling 11,187 shares during the period. ProShare Advisors LLC’s holdings in McGrath RentCorp were worth $6,649,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MGRC. Allianz Asset Management GmbH purchased a new stake in shares of McGrath RentCorp during the 1st quarter valued at about $1,054,000. Raymond James Financial Inc. grew its stake in shares of McGrath RentCorp by 25.1% in the first quarter. Raymond James Financial Inc. now owns 147,448 shares of the financial services provider’s stock worth $16,425,000 after acquiring an additional 29,587 shares during the period. TD Asset Management Inc raised its holdings in shares of McGrath RentCorp by 10.9% during the first quarter. TD Asset Management Inc now owns 21,740 shares of the financial services provider’s stock valued at $2,422,000 after purchasing an additional 2,140 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of McGrath RentCorp by 24.7% during the first quarter. Envestnet Asset Management Inc. now owns 20,600 shares of the financial services provider’s stock valued at $2,295,000 after purchasing an additional 4,085 shares during the last quarter. Finally, Dark Forest Capital Management LP lifted its position in McGrath RentCorp by 231.9% during the first quarter. Dark Forest Capital Management LP now owns 53,209 shares of the financial services provider’s stock valued at $5,927,000 after purchasing an additional 37,179 shares during the period. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Stock Performance

NASDAQ MGRC opened at $101.70 on Friday. The business’s fifty day moving average is $115.94 and its 200 day moving average is $116.58. McGrath RentCorp has a fifty-two week low of $97.81 and a fifty-two week high of $129.93. The company has a market capitalization of $2.50 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.18 and a beta of 0.55.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results 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 return on equity of 12.59% and a net margin of 15.62%.The company had revenue of $256.44 million during the quarter, compared to analysts’ expectations of $266.62 million. During the same quarter in the previous year, the company earned $1.87 EPS. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced 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. The ex-dividend date was Friday, October 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.9%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 32.83%.

Analysts Set New Price Targets

A number of research firms have commented on MGRC. Oppenheimer lifted their target price on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research 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, October 30th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, McGrath RentCorp has an average rating of “Moderate Buy” and a consensus target price of $147.50.

About McGrath RentCorp

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.