BlackRock Inc. purchased a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,089,066 shares of the financial services provider's stock, valued at approximately $252,840,000. BlackRock Inc. owned approximately 8.55% of McGrath RentCorp at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. River Road Asset Management LLC raised its position in McGrath RentCorp by 3.1% in the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider's stock valued at $223,619,000 after purchasing an additional 64,566 shares during the last quarter. Comerica Bank raised its holdings in shares of McGrath RentCorp by 96.8% in the fourth quarter. Comerica Bank now owns 58,374 shares of the financial services provider's stock valued at $6,125,000 after buying an additional 28,719 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of McGrath RentCorp by 26.7% in the first quarter. Bank of America Corp DE now owns 123,549 shares of the financial services provider's stock valued at $13,625,000 after buying an additional 26,022 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the first quarter worth about $3,877,000. Finally, Gabelli Funds LLC grew its holdings in shares of McGrath RentCorp by 28.8% during the fourth quarter. Gabelli Funds LLC now owns 49,243 shares of the financial services provider's stock worth $5,167,000 after buying an additional 11,011 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.
McGrath RentCorp Stock Down 0.5%
Shares of NASDAQ:MGRC opened at $114.15 on Thursday. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $127.68. The firm's 50-day simple moving average is $118.54 and its 200-day simple moving average is $114.15. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.16 and a beta of 0.44.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.47 by ($0.10). The firm had revenue of $221.11 million for the quarter, compared to analysts' expectations of $236.51 million. McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%. On average, research analysts forecast that McGrath RentCorp will post 6.37 EPS for the current year.
McGrath RentCorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were paid a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 17th. McGrath RentCorp's dividend payout ratio is 31.88%.
Insider Buying and Selling at McGrath RentCorp
In related news, insider Trease Kristina Van sold 3,783 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total transaction of $429,937.95. Following the transaction, the insider owned 6,533 shares of the company's stock, valued at $742,475.45. This represents a 36.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO David M. Whitney sold 3,783 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the transaction, the chief accounting officer owned 6,533 shares of the company's stock, valued at $742,475.45. The trade was a 36.67% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 25,408 shares of company stock worth $3,014,686. 1.40% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings upgraded McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, McGrath RentCorp has an average rating of "Moderate Buy" and a consensus price target of $141.50.
Read Our Latest Research Report on MGRC
About McGrath RentCorp
(
Free Report)
McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.
In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.
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