Allianz Asset Management GmbH Raises Stock Position in McGrath RentCorp $MGRC

Key Points

• Allianz Asset Management GmbH significantly increased its stake in McGrath RentCorp by 1,803.8% in Q2, now owning about 0.73% of the company, valued at approximately $20.9 million.
• McGrath RentCorp reported a strong quarterly performance with earnings per share of $1.46, surpassing analyst expectations of $1.30, and revenue growth of 10.8% year-over-year.
• The company announced a quarterly dividend of $0.485 per share, expected to yield 1.6%, with the payment date set for October 31st.

Allianz Asset Management GmbH lifted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1,803.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 180,195 shares of the financial services provider's stock after buying an additional 170,730 shares during the period. Allianz Asset Management GmbH owned about 0.73% of McGrath RentCorp worth $20,895,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Strs Ohio bought a new stake in McGrath RentCorp during the first quarter worth approximately $56,000. Adirondack Trust Co. lifted its stake in shares of McGrath RentCorp by 20.0% in the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 100 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of McGrath RentCorp in the 2nd quarter worth approximately $201,000. Focus Partners Wealth increased its position in shares of McGrath RentCorp by 68.6% during the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider's stock valued at $228,000 after purchasing an additional 832 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock valued at $233,000 after purchasing an additional 174 shares during the last quarter. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Up 1.0%

MGRC opened at $118.95 on Monday. The business has a fifty day moving average of $120.17 and a 200 day moving average of $115.84. The stock has a market cap of $2.93 billion, a P/E ratio of 11.58, a PEG ratio of 1.23 and a beta of 0.56. McGrath RentCorp has a 52-week low of $97.81 and a 52-week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share for the quarter, topping 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 business had revenue of $235.62 million for the quarter, compared to analyst estimates of $220.71 million. During the same quarter last year, the firm posted $0.84 earnings per share. 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. Equities analysts anticipate 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 will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be issued a dividend of $0.485 per share. The ex-dividend date is Friday, October 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. McGrath RentCorp's dividend payout ratio (DPR) is presently 18.89%.

Analysts Set New Price Targets

MGRC has been the subject of a number of analyst reports. Oppenheimer raised their price target on McGrath RentCorp from $139.00 to $143.00 and gave the stock an "outperform" rating in a research report on Thursday, September 18th. Weiss Ratings reissued a "buy (b-)" rating on shares of McGrath RentCorp in a research note on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, McGrath RentCorp currently has an average rating of "Buy" and an average price target of $147.50.

Insider Activity

In other news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the sale, the director owned 7,000 shares of the company's stock, valued at approximately $829,500. The trade was a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph F. Hanna sold 14,577 shares of the business'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 completion of the sale, the chief executive officer owned 153,637 shares of the company's stock, valued at $19,442,762.35. The trade was a 8.67% decrease in their position. 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.

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