Charles Schwab Investment Management Inc. Has $32.35 Million Stock Holdings in McGrath RentCorp $MGRC

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in McGrath RentCorp by 1.1%, holding 290,364 shares valued at approximately $32.3 million after selling 3,135 shares in the first quarter.
• McGrath RentCorp's latest earnings report showed $1.46 earnings per share (EPS), exceeding the consensus estimate of $1.30, along with a revenue of $235.62 million, which was significantly above analysts' expectations.
• The company announced a quarterly dividend of $0.485 per share, resulting in an annualized dividend yield of 1.6% and a payout ratio of 18.89%.

Charles Schwab Investment Management Inc. trimmed its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 290,364 shares of the financial services provider's stock after selling 3,135 shares during the period. Charles Schwab Investment Management Inc. owned 1.18% of McGrath RentCorp worth $32,347,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new position in shares of McGrath RentCorp in the 4th quarter valued at $89,000. Focus Partners Wealth bought a new position in shares of McGrath RentCorp in the 4th quarter valued at $136,000. State of Wyoming bought a new position in McGrath RentCorp during the 4th quarter worth $159,000. Teza Capital Management LLC bought a new position in McGrath RentCorp during the 4th quarter worth $213,000. Finally, Nisa Investment Advisors LLC raised its position 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 worth $233,000 after purchasing an additional 174 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Trading Down 1.7%

NASDAQ:MGRC traded down $2.16 during trading hours on Monday, hitting $121.86. 54,737 shares of the company were exchanged, compared to its average volume of 130,748. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The company has a fifty day simple moving average of $118.76 and a 200 day simple moving average of $115.10.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.84 EPS. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

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

Insider Buying and Selling

In related news, CAO David M. Whitney sold 2,221 shares of the firm's stock in a transaction on Friday, June 6th. The stock was 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 $764,521.74. This trade represents a 24.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the transaction, the chief executive officer directly owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,519 shares of company stock valued at $2,645,800 in the last quarter. 1.40% of the stock is currently owned by company 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.