SG Americas Securities LLC raised its position in shares of McGrath RentCorp (NASDAQ:MGRC – Free Report) by 29.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,648 shares of the financial services provider’s stock after buying an additional 9,340 shares during the quarter. SG Americas Securities LLC’s holdings in McGrath RentCorp were worth $4,483,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of MGRC. Northwestern Mutual Wealth Management Co. grew its position in shares of McGrath RentCorp by 690,151.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 296,808 shares of the financial services provider’s stock worth $31,144,000 after buying an additional 296,765 shares during the period. Channing Capital Management LLC increased its stake in shares of McGrath RentCorp by 39.1% in the 4th quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider’s stock worth $87,815,000 after acquiring an additional 235,311 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in McGrath RentCorp by 752.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 237,506 shares of the financial services provider’s stock valued at $24,922,000 after acquiring an additional 209,646 shares during the period. Raymond James Financial Inc. lifted its position in McGrath RentCorp by 102.8% during the 3rd quarter. Raymond James Financial Inc. now owns 303,205 shares of the financial services provider’s stock valued at $35,566,000 after acquiring an additional 153,701 shares during the period. Finally, Tredje AP fonden bought a new stake in McGrath RentCorp during the fourth quarter worth about $12,246,000. Institutional investors own 92.05% of the company’s stock.
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 report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, McGrath RentCorp currently has a consensus rating of “Moderate Buy” and an average target price of $141.50.
Insider Buying and Selling at McGrath RentCorp
In other news, SVP Gilda Malek sold 1,407 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $114.04, for a total value of $160,454.28. Following the transaction, the senior vice president owned 8,018 shares in the company, valued at approximately $914,372.72. This represents a 14.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO David M. Whitney sold 3,783 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total transaction of $429,937.95. Following the sale, the chief accounting officer owned 6,533 shares in the company, valued at approximately $742,475.45. The trade was a 36.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 22,551 shares of company stock worth $2,581,440 in the last 90 days. Insiders own 1.40% of the company’s stock.
McGrath RentCorp Trading Down 1.4%
NASDAQ MGRC opened at $121.55 on Tuesday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $128.41. The stock has a market cap of $2.99 billion, a P/E ratio of 19.29, a P/E/G ratio of 1.25 and a beta of 0.44. The stock’s fifty day moving average price is $113.78 and its 200-day moving average price is $111.74.
McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last issued 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). The company had revenue of $198.54 million for the quarter, compared to the consensus estimate of $198.19 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. As a group, analysts forecast that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.
McGrath RentCorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be paid a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 31.43%.
About McGrath RentCorp
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.
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