McGrath RentCorp $MGRC Shares Acquired by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. increased its stake in McGrath RentCorp by 234.8% in Q1, acquiring an additional 5,934 shares to reach a total of 8,461 shares valued at approximately $943,000.
• Wall Street analysts upgraded McGrath RentCorp's rating from "hold" to "buy", indicating positive expectations for the company's performance.
• The company reported earnings of $1.46 per share for the last quarter, exceeding estimates, with year-over-year revenue growth of 10.8%.

Fox Run Management L.L.C. increased its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 234.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,461 shares of the financial services provider's stock after purchasing an additional 5,934 shares during the period. Fox Run Management L.L.C.'s holdings in McGrath RentCorp were worth $943,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MGRC. Wells Fargo & Company MN lifted its holdings in shares of McGrath RentCorp by 51.0% in the 4th quarter. Wells Fargo & Company MN now owns 11,619 shares of the financial services provider's stock worth $1,299,000 after purchasing an additional 3,922 shares during the last quarter. Envestnet Asset Management Inc. increased its position in McGrath RentCorp by 37.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 16,515 shares of the financial services provider's stock valued at $1,847,000 after acquiring an additional 4,524 shares during the period. Russell Investments Group Ltd. increased its position in McGrath RentCorp by 16.0% in the 4th quarter. Russell Investments Group Ltd. now owns 10,014 shares of the financial services provider's stock valued at $1,120,000 after acquiring an additional 1,378 shares during the period. Legal & General Group Plc increased its position in McGrath RentCorp by 2.9% in the 4th quarter. Legal & General Group Plc now owns 28,855 shares of the financial services provider's stock valued at $3,227,000 after acquiring an additional 808 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in McGrath RentCorp in the 4th quarter valued at approximately $3,095,000. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

Shares of MGRC stock traded down $2.15 during mid-day trading on Wednesday, hitting $119.42. 31,404 shares of the stock traded hands, compared to its average volume of 143,599. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.25 and a beta of 0.66. The company's 50-day simple moving average is $118.30 and its 200-day simple moving average is $115.21.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $220.71 million. During the same period last year, the firm earned $0.84 EPS. The firm's revenue for the quarter was up 10.8% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. Analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $145.50.

Insider Transactions at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction 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 directly owned 7,000 shares in the company, valued at approximately $829,500. This trade represents a 17.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp 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 completion of the transaction, the chief executive officer owned 153,637 shares in the company, 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. Insiders have sold a total of 21,519 shares of company stock valued at $2,645,800 in the last quarter. Company insiders own 1.40% of the company's stock.

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.