Clearline Capital LP Has $2.65 Million Position in McGrath RentCorp $MGRC

Key Points

• Clearline Capital LP reduced its stake in McGrath RentCorp by 50.2%, selling 24,055 shares during the first quarter, leaving it with 23,823 shares valued at approximately $2.65 million.
• CEO Joseph F. Hanna sold 14,577 shares on July 29 at an average price of $126.55, resulting in an ownership decrease of 8.67% of his shares in the company.
• McGrath RentCorp reported a better-than-expected quarterly earnings of $1.46 per share, outperforming estimates by $0.16, with a revenue increase of 10.8% year-over-year to $235.62 million.

Clearline Capital LP trimmed its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 50.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,823 shares of the financial services provider's stock after selling 24,055 shares during the period. Clearline Capital LP owned approximately 0.10% of McGrath RentCorp worth $2,654,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MGRC. Focus Partners Wealth bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at about $136,000. State of Wyoming bought a new stake in McGrath RentCorp during the fourth quarter worth about $159,000. Teza Capital Management LLC bought a new stake in McGrath RentCorp during the fourth quarter worth about $213,000. Nisa Investment Advisors LLC raised its holdings in McGrath RentCorp by 9.1% during the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after acquiring an additional 174 shares in the last quarter. Finally, Forum Financial Management LP raised its holdings in McGrath RentCorp by 11.2% during the fourth quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after acquiring an additional 216 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the transaction, the director owned 7,000 shares of the company's stock, valued at $829,500. The trade was a 17.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $19,442,762.35. This trade represents 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 Stock Performance

MGRC traded down $3.68 on Friday, hitting $122.31. 83,333 shares of the company were exchanged, compared to its average volume of 111,467. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The company has a market cap of $3.01 billion, a PE ratio of 11.91, a PEG ratio of 1.30 and a beta of 0.61. The stock's fifty day moving average is $120.81 and its 200-day moving average is $115.23.

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 (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.16. The business had revenue of $235.62 million for 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 quarter in the prior year, the company posted $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

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.