Dakota Wealth Management Has $749,000 Stock Holdings in McGrath RentCorp $MGRC

Key Points

• Dakota Wealth Management reduced its stake in McGrath RentCorp by 34.6% during the second quarter, owning 6,457 shares worth $749,000 after selling 3,418 shares.
• Institutional investors control 92.05% of McGrath RentCorp, with T. Rowe Price Investment Management increasing its holdings by 13.2% in the first quarter.
• McGrath RentCorp recently announced a quarterly dividend of $0.485, giving an annualized yield of 1.6% with the ex-dividend date set for October 17th.

Dakota Wealth Management lessened its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 34.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,457 shares of the financial services provider's stock after selling 3,418 shares during the period. Dakota Wealth Management's holdings in McGrath RentCorp were worth $749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. grew its holdings in McGrath RentCorp by 13.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider's stock valued at $115,685,000 after purchasing an additional 120,829 shares during the last quarter. Eminence Capital LP grew its holdings in McGrath RentCorp by 12.0% during the first quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider's stock valued at $93,584,000 after purchasing an additional 89,773 shares during the last quarter. Victory Capital Management Inc. grew its holdings in McGrath RentCorp by 1.1% during the first quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider's stock valued at $72,273,000 after purchasing an additional 7,063 shares during the last quarter. Channing Capital Management LLC acquired a new position in McGrath RentCorp during the first quarter valued at approximately $55,049,000. Finally, Neumeier Poma Investment Counsel LLC grew its holdings in McGrath RentCorp by 1.7% during the first quarter. Neumeier Poma Investment Counsel LLC now owns 208,246 shares of the financial services provider's stock valued at $23,199,000 after purchasing an additional 3,440 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Analysts Set New Price Targets

Separately, Oppenheimer raised their price objective on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $147.50.

Insider Transactions at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,500 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at approximately $829,500. The trade was a 17.65% decrease in their position. The transaction 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 dated 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 owned 153,637 shares of the company's stock, valued at $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $118.48 on Friday. The stock has a market cap of $2.92 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 1.22 and a beta of 0.61. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93. The stock has a fifty day moving average price of $121.37 and a 200 day moving average price of $115.55.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.The company had revenue of $235.62 million during the quarter, compared to analysts' expectations of $220.71 million. During the same period last year, the business earned $0.84 earnings per share. The business's revenue was up 10.8% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities research analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, October 17th. McGrath RentCorp's dividend payout ratio (DPR) is presently 18.89%.

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.

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