Magnetar Financial LLC Acquires Shares of 7,643 McGrath RentCorp $MGRC

Key Points

• Magnetar Financial LLC acquired 7,643 shares of McGrath RentCorp valued at approximately $851,000 during the first quarter, indicating increased institutional interest in the company.
• Insiders at McGrath RentCorp sold a total of 21,519 shares worth $2,645,800 over the last ninety days, which reflects a substantial decrease in ownership for several executives.
• McGrath RentCorp reported quarterly earnings of $1.46 EPS, exceeding expectations and reflecting a revenue increase of 10.8% compared to the same quarter last year.

Magnetar Financial LLC purchased a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,643 shares of the financial services provider's stock, valued at approximately $851,000.

Several other large investors have also recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. lifted its stake in McGrath RentCorp by 13.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider's stock valued at $115,685,000 after purchasing an additional 120,829 shares during the last quarter. Eminence Capital LP bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at $83,898,000. Victory Capital Management Inc. lifted its position in shares of McGrath RentCorp by 1.1% during the 1st quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider's stock valued at $72,273,000 after buying an additional 7,063 shares during the last quarter. Channing Capital Management LLC bought a new position in shares of McGrath RentCorp during the 1st quarter worth $55,049,000. Finally, Silvercrest Asset Management Group LLC grew its stake in shares of McGrath RentCorp by 12.1% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 333,046 shares of the financial services provider's stock worth $37,241,000 after acquiring an additional 36,057 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Price Performance

Shares of MGRC traded up $3.09 during trading hours on Thursday, hitting $125.50. The company's stock had a trading volume of 95,880 shares, compared to its average volume of 141,285. The business has a 50 day simple moving average of $120.06 and a two-hundred day simple moving average of $115.27. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.25 and a beta of 0.61.

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

Insider Buying and Selling at McGrath RentCorp

In other news, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the transaction, the chief accounting officer directly owned 6,694 shares of the company's stock, valued at approximately $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the company's 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 transaction, the chief executive officer owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,519 shares of company stock valued at $2,529,790. 1.40% of the stock is owned by insiders.

About McGrath RentCorp

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.