Corient Private Wealth LP Purchases New Shares in McGrath RentCorp $MGRC

Key Points

• Corient Private Wealth initiated a roughly $1.37 million position in McGrath RentCorp during the second quarter, while other institutional investors also increased their holdings. Institutions collectively own 92.05% of MGRC shares.
• Company insiders sold 25,408 shares worth approximately $3.01 million over the last quarter, including sales by Director Joseph Hanna and CEO Philip Hawkins under disclosed transactions.
• McGrath RentCorp recently missed quarterly expectations, reporting $1.37 in EPS versus $1.47 expected and revenue of $221.11 million versus $236.51 million forecast. Analysts nevertheless maintain a “Moderate Buy” consensus with an average price target of $141.50.

Corient Private Wealth LP acquired a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 11,321 shares of the financial services provider's stock, valued at approximately $1,370,000.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of McGrath RentCorp by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,528 shares of the financial services provider's stock valued at $1,618,000 after purchasing an additional 639 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in McGrath RentCorp by 5.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,256 shares of the financial services provider's stock valued at $8,606,000 after buying an additional 3,967 shares during the last quarter. Jane Street Group LLC lifted its position in shares of McGrath RentCorp by 2,213.6% during the 1st quarter. Jane Street Group LLC now owns 58,140 shares of the financial services provider's stock worth $6,477,000 after buying an additional 55,627 shares in the last quarter. Focus Partners Wealth lifted 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 worth $228,000 after buying an additional 832 shares in the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of McGrath RentCorp by 24.8% in the 1st quarter. Intech Investment Management LLC now owns 13,800 shares of the financial services provider's stock worth $1,537,000 after buying an additional 2,745 shares during the last quarter. Institutional investors own 92.05% of the company's stock.

Insiders Place Their Bets

In other news, Director Joseph F. Hanna sold 7,500 shares of McGrath RentCorp stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $120.64, for a total value of $904,800.00. Following the transaction, the director owned 151,549 shares in the company, valued at approximately $18,282,871.36. The trade was a 4.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Philip Hawkins sold 4,435 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $120.91, for a total transaction of $536,235.85. Following the transaction, the chief executive officer directly owned 13,371 shares of the company's stock, valued at approximately $1,616,687.61. This trade represents a 24.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 25,408 shares of company stock worth $3,014,686. 1.40% of the stock is owned by corporate insiders.

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $111.59 on Friday. The stock's fifty day moving average price is $117.29 and its two-hundred day moving average price is $113.90. The company has a market cap of $2.73 billion, a P/E ratio of 17.97, a P/E/G ratio of 1.11 and a beta of 0.45. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $127.68.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.47 by ($0.10). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. The company had revenue of $221.11 million for the quarter, compared to analysts' expectations of $236.51 million. On average, analysts expect that McGrath RentCorp will post 6.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $141.50.

About McGrath RentCorp

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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