Hamilton Point Investment Advisors LLC Reduces Stock Position in McGrath RentCorp $MGRC

Key Points

• Hamilton Point Investment Advisors LLC reduced its stake in McGrath RentCorp (NASDAQ:MGRC) by 5.2%, now holding 51,508 shares valued at approximately $5.97 million.
• McGrath RentCorp reported an earnings per share (EPS) of $1.46 for the last quarter, exceeding estimates by $0.16, with revenue increasing by 10.8% year-over-year.
• The company announced a quarterly dividend of $0.485 per share, representing an annual yield of 1.7%, set to be paid on October 31st.

Hamilton Point Investment Advisors LLC trimmed its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 5.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,508 shares of the financial services provider's stock after selling 2,806 shares during the quarter. Hamilton Point Investment Advisors LLC owned 0.21% of McGrath RentCorp worth $5,973,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MGRC. CWM LLC grew its holdings in McGrath RentCorp by 4.8% during the 2nd quarter. CWM LLC now owns 9,577 shares of the financial services provider's stock valued at $1,111,000 after buying an additional 439 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of McGrath RentCorp in the second quarter valued at approximately $201,000. Inspire Investing LLC grew its stake in McGrath RentCorp by 9.2% during the second quarter. Inspire Investing LLC now owns 3,367 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 285 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in McGrath RentCorp by 12.6% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 11,600 shares of the financial services provider's stock worth $1,345,000 after acquiring an additional 1,300 shares during the period. Finally, Hudson Edge Investment Partners Inc. lifted its stake in McGrath RentCorp by 15.6% in the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 3,405 shares of the financial services provider's stock worth $395,000 after purchasing an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MGRC shares. Weiss Ratings restated a "buy (b)" rating on shares of McGrath RentCorp in a research report on Saturday, September 27th. Oppenheimer upped their price objective on shares of McGrath RentCorp from $139.00 to $143.00 and gave the company an "outperform" rating in a research note on Thursday, September 18th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $147.50.

Insider Activity

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction 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 transaction, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kimberly Ann Box sold 1,500 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the transaction, the director owned 7,000 shares in the company, valued at approximately $829,500. The trade was a 17.65% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

McGrath RentCorp Stock Up 1.3%

Shares of MGRC stock opened at $115.46 on Tuesday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.18 and a beta of 0.56. The stock has a fifty day moving average of $120.21 and a 200 day moving average of $115.64. McGrath RentCorp has a 52 week low of $97.81 and a 52 week high of $129.93.

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

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 17th. McGrath RentCorp's dividend payout ratio (DPR) is 18.89%.

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.

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