Algert Global LLC Has $6.75 Million Stake in McGrath RentCorp $MGRC

Key Points

• Algert Global LLC significantly reduced its stake in McGrath RentCorp by 48.9%, owning 60,590 shares valued at approximately $6.75 million after selling 58,070 shares in Q1.
• McGrath RentCorp reported $1.46 earnings per share, exceeding analysts' expectations, with a revenue of $235.62 million, marking a 10.8% increase year-over-year.
• The company declared a quarterly dividend of $0.485, providing an annualized yield of 1.6%, with a payout ratio of 18.89%.

Algert Global LLC cut its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 48.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,590 shares of the financial services provider's stock after selling 58,070 shares during the quarter. Algert Global LLC owned approximately 0.25% of McGrath RentCorp worth $6,750,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $89,000. Focus Partners Wealth bought a new position in McGrath RentCorp in the 4th quarter worth approximately $136,000. State of Wyoming bought a new position in McGrath RentCorp in the 4th quarter worth approximately $159,000. Teza Capital Management LLC bought a new position in McGrath RentCorp in the 4th quarter worth approximately $213,000. Finally, Nisa Investment Advisors LLC grew its holdings in McGrath RentCorp by 9.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after buying an additional 174 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Up 5.3%

NASDAQ MGRC traded up $6.22 on Friday, reaching $124.02. 109,477 shares of the stock traded hands, compared to its average volume of 136,323. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The firm's fifty day simple moving average is $118.58 and its 200 day simple moving average is $115.21. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.22 and a beta of 0.66.

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

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Thursday, July 17th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Thursday, July 17th. McGrath RentCorp's dividend payout ratio is 18.89%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $145.50.

Insider Buying and Selling

In other news, Director Kimberly Ann Box sold 1,500 shares of the stock in a transaction 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 completion of the sale, the director owned 7,000 shares in the company, valued at $829,500. This represents a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David M. Whitney sold 2,221 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the sale, the chief accounting officer 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 disclosure for this sale can be found here. Insiders have sold a total of 21,519 shares of company stock worth $2,645,800 over the last quarter. 1.40% of the stock is currently owned by insiders.

McGrath RentCorp Company 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.