McGrath RentCorp $MGRC Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its position in McGrath RentCorp by 16.5%, selling 8,945 shares, which brings their ownership to 45,375 shares valued at $5,055,000.
• McGrath RentCorp reported a quarterly earnings per share of $1.46, beating analyst expectations of $1.30, with a revenue of $235.62 million compared to expectations of $220.71 million.
• The company declared a quarterly dividend of $0.485 per share, translating to an annualized dividend of $1.94 and a yield of 1.6%.

Gabelli Funds LLC cut its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 16.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,375 shares of the financial services provider's stock after selling 8,945 shares during the quarter. Gabelli Funds LLC owned about 0.18% of McGrath RentCorp worth $5,055,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of MGRC. Comerica Bank raised its stake in shares of McGrath RentCorp by 210.8% in the 1st quarter. Comerica Bank now owns 16,712 shares of the financial services provider's stock valued at $1,862,000 after acquiring an additional 11,335 shares during the period. AlphaQuest LLC grew its stake in shares of McGrath RentCorp by 55.7% in the first quarter. AlphaQuest LLC now owns 5,760 shares of the financial services provider's stock valued at $642,000 after buying an additional 2,060 shares in the last quarter. Channing Capital Management LLC purchased a new stake in shares of McGrath RentCorp in the 1st quarter valued at $55,049,000. T. Rowe Price Investment Management Inc. lifted its stake in McGrath RentCorp by 13.2% during the 1st 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 acquiring an additional 120,829 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in McGrath RentCorp by 81.1% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,978 shares of the financial services provider's stock valued at $1,006,000 after acquiring an additional 4,020 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Stock Down 0.6%

NASDAQ:MGRC traded down $0.74 on Tuesday, reaching $120.76. 55,295 shares of the company's stock were exchanged, compared to its average volume of 141,559. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.25 and a beta of 0.61. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The business has a fifty day moving average of $119.81 and a 200-day moving average of $115.18.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data 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 during 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%. The business's quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

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

Insider Buying and Selling

In other news, insider Trease Kristina Van sold 2,221 shares of McGrath RentCorp stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the transaction, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the chief accounting officer owned 6,694 shares in the company, valued at $764,521.74. The trade was a 24.91% 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 worth $2,645,800 in the last quarter. Company insiders own 1.40% of the company's stock.

About McGrath RentCorp

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.