24,832 Shares in McGrath RentCorp $MGRC Bought by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 24,832 McGrath RentCorp shares worth approximately $3.0 million, while institutional investors collectively own 92.05% of the company.
• McGrath RentCorp reported quarterly earnings of $1.37 per share, below the $1.47 analyst consensus, and revenue of $221.11 million versus the $236.51 million estimate.
• Insiders sold 25,408 shares valued at roughly $3.0 million over the past three months. Analysts maintain a “Moderate Buy” consensus with an average price target of $141.50, compared with the stock’s cited price of $111.59.

Legal & General Group Plc acquired a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,832 shares of the financial services provider's stock, valued at approximately $3,005,000. Legal & General Group Plc owned 0.10% of McGrath RentCorp as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new stake in McGrath RentCorp during the 2nd quarter worth approximately $1,548,000. Algert Global LLC raised its holdings in shares of McGrath RentCorp by 11.0% during the second quarter. Algert Global LLC now owns 59,827 shares of the financial services provider's stock valued at $7,241,000 after acquiring an additional 5,910 shares during the last quarter. River Road Asset Management LLC lifted its position 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 valued at $223,619,000 after acquiring an additional 64,566 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in shares of McGrath RentCorp in the second quarter worth approximately $22,833,000. Finally, Bank of America Corp DE boosted its stake in shares of McGrath RentCorp by 26.7% in the first quarter. Bank of America Corp DE now owns 123,549 shares of the financial services provider's stock worth $13,625,000 after acquiring an additional 26,022 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at McGrath RentCorp

In other news, insider Kristina Van Trease sold 3,783 shares of McGrath RentCorp stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total transaction of $429,937.95. Following the transaction, the insider owned 6,533 shares in the company, valued at $742,475.45. The trade was a 36.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO David M. Whitney sold 3,783 shares of the business's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total transaction of $429,937.95. Following the transaction, the chief accounting officer directly 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 have sold a total of 25,408 shares of company stock valued at $3,014,686 in the last three months. Company insiders own 1.40% of the company's stock.

McGrath RentCorp Trading Up 1.5%

MGRC stock opened at $111.59 on Friday. The firm has a 50-day moving average of $117.29 and a two-hundred day moving average of $113.90. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $127.68. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 1.13 and a beta of 0.45.

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

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $141.50.

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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