McGrath RentCorp $MGRC Stock Holdings Decreased by GABELLI & Co INVESTMENT ADVISERS INC.

Key Points

• GABELLI & Co INVESTMENT ADVISERS INC. reduced its stake in McGrath RentCorp by 48.8%, now owning 10,638 shares valued at approximately $1.18 million.
• Other hedge funds are shifting positions as well; Comerica Bank increased its holdings by 210.8%, while T. Rowe Price Investment Management boosted its stake by 13.2%.
• McGrath RentCorp reported a 10.8% increase in revenue year-over-year, with earnings per share hitting $1.46, surpassing analyst estimates.

GABELLI & Co INVESTMENT ADVISERS INC. trimmed its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 48.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,638 shares of the financial services provider's stock after selling 10,133 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.'s holdings in McGrath RentCorp were worth $1,185,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Focus Partners Wealth bought a new stake in shares of McGrath RentCorp during the 4th quarter worth about $136,000. State of Wyoming bought a new stake in shares of McGrath RentCorp during the 4th quarter worth about $159,000. Teza Capital Management LLC bought a new stake in shares of McGrath RentCorp during the 4th quarter worth about $213,000. Nisa Investment Advisors LLC raised its position in shares of McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after buying an additional 174 shares in the last quarter. Finally, Forum Financial Management LP raised its position in shares of McGrath RentCorp by 11.2% during the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after buying an additional 216 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Trading Down 2.5%

Shares of NASDAQ MGRC traded down $3.08 during midday trading on Friday, reaching $121.49. The company's stock had a trading volume of 102,176 shares, compared to its average volume of 117,985. The company has a 50 day moving average price of $119.62 and a 200 day moving average price of $115.21. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.25 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The business had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. During the same period in the previous year, the firm earned $0.84 EPS. The business'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. Research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Thursday, July 17th. McGrath RentCorp's payout ratio is presently 18.89%.

Insider Buying and Selling at McGrath RentCorp

In related news, CAO David M. Whitney sold 2,221 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the sale, the chief accounting officer directly owned 6,694 shares in the company, valued at $764,521.74. The trade was a 24.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction of $1,844,719.35. Following the completion of the sale, 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 21,519 shares of company stock valued at $2,645,800 over the last quarter. Company insiders own 1.40% of the company's stock.

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.