Granahan Investment Management LLC Cuts Stock Position 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 lowered its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MGRC. Hsbc Holdings PLC increased its holdings in McGrath RentCorp by 6.6% in the 4th quarter. Hsbc Holdings PLC now owns 3,964 shares of the financial services provider's stock worth $442,000 after buying an additional 245 shares in the last quarter. Northern Trust Corp lifted its holdings in McGrath RentCorp by 8.7% in the 4th quarter. Northern Trust Corp now owns 323,439 shares of the financial services provider's stock worth $36,167,000 after purchasing an additional 25,884 shares in the last quarter. Comerica Bank raised its holdings in shares of McGrath RentCorp by 56.2% during the 4th quarter. Comerica Bank now owns 5,377 shares of the financial services provider's stock worth $601,000 after acquiring an additional 1,934 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of McGrath RentCorp by 35.8% during the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider's stock worth $1,387,000 after acquiring an additional 3,272 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of McGrath RentCorp by 29.8% during the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock valued at $1,834,000 after purchasing an additional 3,767 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

Insider Activity

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of the firm'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 directly owned 7,000 shares of the company's stock, valued at approximately $829,500. This trade represents a 17.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp 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 directly owned 153,637 shares in the company, valued at $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

McGrath RentCorp Stock Performance

McGrath RentCorp stock traded down $0.82 during mid-day trading on Tuesday, hitting $122.59. The company's stock had a trading volume of 137,852 shares, compared to its average volume of 141,386. The company has a 50 day moving average of $120.54 and a 200-day moving average of $115.15. The stock has a market cap of $3.02 billion, a PE ratio of 11.94, a P/E/G ratio of 1.30 and a beta of 0.61. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.The business had revenue of $235.62 million for the quarter, compared to the consensus estimate 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. On average, equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

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.