McGrath RentCorp $MGRC Shares Acquired by Eminence Capital LP

Key Points

• Eminence Capital LP increased its stake in McGrath RentCorp by 12.0%, acquiring an additional 89,773 shares, bringing its total ownership to 840,071 shares valued at approximately $93.6 million.
• McGrath RentCorp reported a 10.8% increase in year-over-year revenue, achieving earnings per share (EPS) of $1.46 for the last quarter, surpassing estimates.
• Insider selling activity included CEO Joseph F. Hanna selling 14,577 shares for over $1.84 million, indicating a 8.67% reduction in his position.

Eminence Capital LP lifted its position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 840,071 shares of the financial services provider's stock after buying an additional 89,773 shares during the quarter. Eminence Capital LP owned approximately 3.41% of McGrath RentCorp worth $93,584,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MGRC. Channing Capital Management LLC purchased a new stake in shares of McGrath RentCorp during the first quarter worth about $55,049,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of 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 worth $115,685,000 after buying an additional 120,829 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of McGrath RentCorp by 1,337.6% during the first quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider's stock worth $13,465,000 after buying an additional 112,463 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of McGrath RentCorp by 1,843.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 91,696 shares of the financial services provider's stock worth $10,253,000 after buying an additional 86,977 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in McGrath RentCorp in the first quarter valued at approximately $8,480,000. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the transaction, the chief executive officer directly 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the transaction, the director directly owned 7,000 shares in the company, valued at approximately $829,500. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

McGrath RentCorp Stock Performance

McGrath RentCorp stock traded down $2.34 during trading on Tuesday, reaching $121.07. The company had a trading volume of 64,547 shares, compared to its average volume of 140,940. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The stock's 50 day moving average price is $120.54 and its two-hundred day moving average price is $115.15. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.30 and a beta of 0.61.

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

McGrath RentCorp Company 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.