Granahan Investment Management LLC Cuts Holdings in McGrath RentCorp $MGRC

Key Points

• Granahan Investment Management LLC reduced its stake in McGrath RentCorp by 6.0%, owning 39,043 shares valued at approximately $4.35 million as of its latest SEC filing.
• McGrath RentCorp reported earnings of $1.46 per share for the quarter, surpassing estimates and achieving a 10.8% year-over-year revenue growth.
• CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp, indicating a 8.67% decrease in his ownership, while other insiders have also recently sold shares.

Granahan Investment Management LLC decreased its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,043 shares of the financial services provider's stock after selling 2,490 shares during the period. Granahan Investment Management LLC owned 0.16% of McGrath RentCorp worth $4,349,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Eminence Capital LP raised its position in McGrath RentCorp by 12.0% during the 1st quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider's stock valued at $93,584,000 after purchasing an additional 89,773 shares during the last quarter. Anchor Capital Management Company LLC bought a new position in McGrath RentCorp during the 1st quarter valued at approximately $6,350,000. Dark Forest Capital Management LP raised its position in McGrath RentCorp by 231.9% during the 1st quarter. Dark Forest Capital Management LP now owns 53,209 shares of the financial services provider's stock valued at $5,927,000 after purchasing an additional 37,179 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in McGrath RentCorp by 668.5% during the 1st quarter. Cubist Systematic Strategies LLC now owns 22,502 shares of the financial services provider's stock valued at $2,507,000 after purchasing an additional 19,574 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in McGrath RentCorp during the 1st quarter valued at approximately $851,000. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Down 0.0%

Shares of NASDAQ:MGRC traded down $0.03 during trading on Wednesday, hitting $122.57. The stock had a trading volume of 43,726 shares, compared to its average volume of 140,792. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The company has a market capitalization of $3.02 billion, a PE ratio of 11.93, a PEG ratio of 1.27 and a beta of 0.61. The firm's fifty day moving average is $120.62 and its 200 day moving average is $115.20.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. During the same quarter in the prior year, the company earned $0.84 EPS. The business's revenue was up 10.8% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities research analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total value of $177,750.00. Following the sale, the director owned 7,000 shares in the company, valued at $829,500. This represents a 17.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the company'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 value 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 position. The disclosure for this sale can be found here. Corporate 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.