157,302 Shares in McGrath RentCorp $MGRC Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp purchased a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 157,302 shares of the financial services provider's stock, valued at approximately $19,038,000. Bank of New York Mellon Corp owned about 0.64% of McGrath RentCorp at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MGRC. River Road Asset Management LLC grew its holdings in shares of McGrath RentCorp by 3.1% in the fourth quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider's stock worth $223,619,000 after purchasing an additional 64,566 shares during the last quarter. Eminence Capital LP lifted its position in shares of McGrath RentCorp by 0.5% in the 4th quarter. Eminence Capital LP now owns 949,673 shares of the financial services provider's stock worth $99,649,000 after purchasing an additional 4,701 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of McGrath RentCorp by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider's stock worth $100,019,000 after purchasing an additional 47,451 shares during the period. Victory Capital Management Inc. boosted its stake in shares of McGrath RentCorp by 0.7% during the 4th quarter. Victory Capital Management Inc. now owns 900,181 shares of the financial services provider's stock valued at $94,456,000 after purchasing an additional 6,552 shares in the last quarter. Finally, Channing Capital Management LLC increased its position in shares of McGrath RentCorp by 39.1% during the fourth quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider's stock valued at $87,815,000 after buying an additional 235,311 shares during the period. 92.05% of the stock is currently owned by institutional investors.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, CEO Philip B. Hawkins sold 4,435 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $120.91, for a total transaction of $536,235.85. Following the completion of the sale, the chief executive officer directly owned 13,371 shares of the company's stock, valued at approximately $1,616,687.61. This represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph F. Hanna sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $120.64, for a total transaction of $904,800.00. Following the sale, the director directly owned 151,549 shares of the company's stock, valued at approximately $18,282,871.36. This represents a 4.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 25,408 shares of company stock worth $3,014,686. Company insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, McGrath RentCorp has a consensus rating of "Moderate Buy" and a consensus target price of $141.50.

McGrath RentCorp Price Performance

MGRC stock opened at $112.44 on Tuesday. The stock has a market capitalization of $2.75 billion, a P/E ratio of 18.11, a P/E/G ratio of 1.14 and a beta of 0.44. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $127.68. The business has a fifty day moving average price of $118.21 and a 200-day moving average price of $114.05.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.37 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.10). The business had revenue of $221.11 million for the quarter, compared to analysts' expectations of $236.51 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. As a group, analysts anticipate that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were paid a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 31.88%.

McGrath RentCorp Profile

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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