Anchor Capital Management Company LLC Invests $6.35 Million in McGrath RentCorp $MGRC

Key Points

• Anchor Capital Management Company LLC has acquired a new stake in McGrath RentCorp, purchasing 57,000 shares worth approximately $6.35 million, making it the 6th largest holding in their investment portfolio.
• Other significant investors, including Teacher Retirement System of Texas and Ameriprise Financial Inc., have also increased their positions in McGrath RentCorp during the 1st quarter, reflecting strong institutional interest.
• McGrath RentCorp reported $1.46 earnings per share for the last quarter, surpassing estimates and indicating a 10.8% revenue growth compared to the previous year.

Anchor Capital Management Company LLC bought a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 57,000 shares of the financial services provider's stock, valued at approximately $6,350,000. McGrath RentCorp accounts for 6.4% of Anchor Capital Management Company LLC's investment portfolio, making the stock its 6th biggest position. Anchor Capital Management Company LLC owned about 0.23% of McGrath RentCorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Focus Partners Wealth purchased a new position in McGrath RentCorp during the 4th quarter valued at $136,000. State of Wyoming purchased a new position in McGrath RentCorp during the 4th quarter valued at $159,000. Teza Capital Management LLC purchased a new position in McGrath RentCorp during the 4th quarter valued at $213,000. Nisa Investment Advisors LLC boosted its holdings in 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 acquiring an additional 174 shares during the period. Finally, Forum Financial Management LP boosted its holdings in McGrath RentCorp by 11.2% during the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock valued at $240,000 after acquiring an additional 216 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insider Activity

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

McGrath RentCorp Stock Performance

NASDAQ MGRC traded up $0.06 on Friday, reaching $125.68. 139,155 shares of the stock traded hands, compared to its average volume of 111,343. The company has a fifty day moving average price of $120.39 and a 200-day moving average price of $115.27. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.30 and a beta of 0.61. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued 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%.McGrath RentCorp's revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 EPS. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

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.