Gabelli Funds LLC Increases Stock Position in McGrath RentCorp $MGRC

Key Points

• Gabelli Funds LLC boosted its McGrath RentCorp stake by 28.8% in the fourth quarter, ending with 49,243 shares valued at about $5.17 million. Institutional investors overall own a large majority of the company, with 92.05% held by funds and other institutions.
• Insiders recently sold shares, including Director Joseph F. Hanna and insider Trease Kristina Van, with total insider selling of 11,078 shares worth about $1.25 million over the last quarter. Corporate insiders still own 1.40% of the stock.
• McGrath RentCorp reported mixed quarterly results, posting $1.10 EPS versus the $1.13 consensus while revenue slightly topped expectations. The company also raised its quarterly dividend to $0.495, implying a 1.8% annualized yield.

Gabelli Funds LLC grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 28.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 49,243 shares of the financial services provider's stock after buying an additional 11,011 shares during the period. Gabelli Funds LLC owned 0.20% of McGrath RentCorp worth $5,167,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MGRC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of McGrath RentCorp by 4.6% during the 1st 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 acquiring an additional 639 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of McGrath RentCorp by 5.4% during 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 acquiring an additional 3,967 shares in the last quarter. Jane Street Group LLC lifted its holdings 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 valued at $6,477,000 after acquiring an additional 55,627 shares in the last quarter. Focus Partners Wealth lifted its holdings 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 valued at $228,000 after acquiring an additional 832 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of McGrath RentCorp by 24.8% during the 1st quarter. Intech Investment Management LLC now owns 13,800 shares of the financial services provider's stock valued at $1,537,000 after acquiring an additional 2,745 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Joseph F. Hanna sold 9,470 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $112.49, for a total value of $1,065,280.30. Following the transaction, the director owned 159,579 shares in the company, valued at $17,951,041.71. The trade was a 5.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Trease Kristina Van sold 539 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $115.00, for a total transaction of $61,985.00. Following the completion of the transaction, the insider owned 10,316 shares in the company, valued at $1,186,340. This represents a 4.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,078 shares of company stock worth $1,248,610 in the last quarter. 1.40% of the stock is owned by corporate insiders.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $109.83 on Thursday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $128.41. The firm has a market capitalization of $2.70 billion, a P/E ratio of 17.43, a P/E/G ratio of 1.12 and a beta of 0.45. The company's fifty day moving average price is $111.25 and its two-hundred day moving average price is $109.56.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.10 EPS for the quarter, missing analysts' consensus estimates of $1.13 by ($0.03). McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%.The firm had revenue of $198.54 million during the quarter, compared to analyst estimates of $198.19 million. On average, sell-side analysts anticipate that McGrath RentCorp will post 6.35 EPS for the current year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th were issued a $0.495 dividend. The ex-dividend date was Thursday, April 16th. This represents a $1.98 dividend on an annualized basis and a yield of 1.8%. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.49. McGrath RentCorp's dividend payout ratio (DPR) is presently 31.43%.

Analyst Upgrades and Downgrades

MGRC has been the topic of several recent research reports. Weiss Ratings lowered shares of McGrath RentCorp from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 8th. Barclays initiated coverage on shares of McGrath RentCorp in a report on Wednesday, February 11th. They set an "overweight" rating and a $140.00 target price on the stock. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $141.50.

McGrath RentCorp Profile

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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