Hudson Edge Investment Partners Inc. grew its holdings in shares of McGrath RentCorp (NASDAQ:MGRC – Free Report) by 125.4% during the first quarter, Holdings Channel.com reports. The firm owned 7,713 shares of the financial services provider’s stock after buying an additional 4,291 shares during the quarter. Hudson Edge Investment Partners Inc.’s holdings in McGrath RentCorp were worth $851,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of MGRC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in McGrath RentCorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,528 shares of the financial services provider’s stock worth $1,618,000 after purchasing an additional 639 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in McGrath RentCorp by 5.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,256 shares of the financial services provider’s stock valued at $8,606,000 after buying an additional 3,967 shares during the period. Jane Street Group LLC increased its stake in McGrath RentCorp by 2,213.6% during the 1st quarter. Jane Street Group LLC now owns 58,140 shares of the financial services provider’s stock valued at $6,477,000 after buying an additional 55,627 shares during the period. Focus Partners Wealth raised its position in shares of McGrath RentCorp by 68.6% during the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider’s stock worth $228,000 after buying an additional 832 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in shares of McGrath RentCorp by 24.8% during the 1st quarter. Intech Investment Management LLC now owns 13,800 shares of the financial services provider’s stock worth $1,537,000 after buying an additional 2,745 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.
McGrath RentCorp Stock Performance
MGRC opened at $117.91 on Friday. McGrath RentCorp has a one year low of $94.99 and a one year high of $128.41. The stock’s fifty day moving average is $114.32 and its 200-day moving average is $112.03. The company has a market capitalization of $2.90 billion, a PE ratio of 18.72, a P/E/G ratio of 1.20 and a beta of 0.43.
McGrath RentCorp Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, July 17th. McGrath RentCorp’s dividend payout ratio is presently 31.43%.
Analysts Set New Price Targets
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 assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $141.50.
Read Our Latest Research Report on MGRC
Insider Buying and Selling
In other news, Director Joseph F. Hanna sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $120.64, for a total transaction of $904,800.00. Following the completion of the transaction, the director owned 151,549 shares in the company, valued at approximately $18,282,871.36. This trade represents a 4.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP John Lieffrig sold 500 shares of McGrath RentCorp stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $125.00, for a total transaction of $62,500.00. Following the completion of the transaction, the vice president directly owned 23,551 shares in the company, valued at $2,943,875. This represents a 2.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,051 shares of company stock worth $3,486,240 in the last ninety days. Insiders own 1.40% of the company’s stock.
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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