Hotchkis & Wiley Capital Management LLC Lowers Position in McGrath RentCorp $MGRC

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in McGrath RentCorp by 47.0%, now holding 33,950 shares valued at approximately $3.78 million.
• McGrath RentCorp recently declared a quarterly dividend of $0.485 per share, resulting in an annualized dividend yield of 1.6%.
• The company's stock saw a 1.7% decrease recently, with current trading at approximately $121.86 and a PE ratio of 11.87.

Hotchkis & Wiley Capital Management LLC lowered its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 47.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,950 shares of the financial services provider's stock after selling 30,080 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.14% of McGrath RentCorp worth $3,782,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. AlphaQuest LLC increased its holdings 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 worth $642,000 after purchasing an additional 2,060 shares during the period. Channing Capital Management LLC bought a new position in shares of McGrath RentCorp in the first quarter worth $55,049,000. T. Rowe Price Investment Management Inc. increased its stake in McGrath RentCorp by 13.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider's stock valued at $115,685,000 after acquiring an additional 120,829 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in McGrath RentCorp by 81.1% in the first 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 last quarter. Finally, Hsbc Holdings PLC increased its stake in McGrath RentCorp by 3.9% in the first quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider's stock valued at $460,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

MGRC traded down $3.08 during trading on Friday, reaching $121.49. The stock had a trading volume of 102,176 shares, compared to its average volume of 111,144. The stock has a market cap of $2.99 billion, a PE ratio of 11.83, a PEG ratio of 1.25 and a beta of 0.61. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The business has a 50-day moving average of $119.62 and a 200-day moving average of $115.17.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. The business had revenue of $235.62 million for the quarter, compared to analysts' expectations of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.The firm's revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

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

Insider Buying and Selling at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 14,577 shares of the business's stock in a transaction dated 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Trease Kristina Van sold 2,221 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the transaction, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This represents a 24.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,519 shares of company stock valued at $2,645,800. Corporate 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.