5,937 Shares in McGrath RentCorp $MGRC Purchased by Gallacher Capital Management LLC

Key Points

• Gallacher Capital Management LLC purchased 5,937 shares of McGrath RentCorp, valued at approximately $688,000, in the second quarter.
• The CEO, Joseph F. Hanna, sold 14,577 shares at an average price of $126.55, which represents a 8.67% decrease in his holdings.
• McGrath RentCorp reported earnings of $1.46 per share for the most recent quarter, exceeding estimates and reflecting a 10.8% year-over-year revenue increase.

Gallacher Capital Management LLC purchased a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,937 shares of the financial services provider's stock, valued at approximately $688,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Hsbc Holdings PLC grew its stake in shares of McGrath RentCorp by 3.9% in the first quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider's stock valued at $460,000 after buying an additional 153 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of McGrath RentCorp by 9.1% in the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock valued at $233,000 after buying an additional 174 shares in the last quarter. Hamilton Point Investment Advisors LLC grew its stake in shares of McGrath RentCorp by 0.4% in the first quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider's stock valued at $6,051,000 after buying an additional 192 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of McGrath RentCorp by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock valued at $292,000 after buying an additional 209 shares in the last quarter. Finally, Forum Financial Management LP grew its stake in shares of McGrath RentCorp by 11.2% in the fourth quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock valued at $240,000 after buying an additional 216 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Trading Down 2.0%

Shares of MGRC traded down $2.44 during trading hours on Friday, reaching $121.04. The stock had a trading volume of 61,088 shares, compared to its average volume of 140,111. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 1.26 and a beta of 0.61. The firm has a 50-day simple moving average of $121.09 and a 200 day simple moving average of $115.24. McGrath RentCorp has a 12 month low of $97.81 and a 12 month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.The firm had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. During the same period last year, the firm posted $0.84 EPS. The business's revenue was up 10.8% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, equities analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Oppenheimer lifted their price objective on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an "outperform" rating in a research report on Thursday. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, McGrath RentCorp presently has an average rating of "Buy" and a consensus target price of $147.50.

Insider Buying and Selling

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total value of $177,750.00. Following the transaction, the director directly owned 7,000 shares of the company's stock, valued at $829,500. The trade was a 17.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the sale, the chief executive officer owned 153,637 shares in the company, valued at $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

McGrath RentCorp Profile

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.