Invesco Ltd. Has $4.30 Million Stock Position in McGrath RentCorp $MGRC

Key Points

• Invesco Ltd. increased its holdings in McGrath RentCorp by 10.3% in Q1, owning 38,601 shares valued at approximately $4.3 million as of its latest SEC filing.
• Several institutional investors, including Eminence Capital LP and Silvercrest Asset Management, significantly increased their stakes in McGrath RentCorp, raising overall institutional ownership to 92.05%.
• McGrath RentCorp posted a 10.8% year-over-year revenue growth in its latest quarterly earnings, achieving $1.46 earnings per share, exceeding analysts' expectations of $1.30.

Invesco Ltd. boosted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,601 shares of the financial services provider's stock after purchasing an additional 3,604 shares during the period. Invesco Ltd. owned approximately 0.16% of McGrath RentCorp worth $4,300,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Eminence Capital LP acquired a new stake in McGrath RentCorp during the fourth quarter valued at approximately $83,898,000. Victory Capital Management Inc. lifted its stake in McGrath RentCorp by 1.1% during the first quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider's stock valued at $72,273,000 after purchasing an additional 7,063 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its stake in McGrath RentCorp by 12.1% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 333,046 shares of the financial services provider's stock valued at $37,241,000 after purchasing an additional 36,057 shares during the last quarter. Northern Trust Corp lifted its stake in McGrath RentCorp by 8.7% during the fourth quarter. Northern Trust Corp now owns 323,439 shares of the financial services provider's stock valued at $36,167,000 after purchasing an additional 25,884 shares during the last quarter. Finally, Neumeier Poma Investment Counsel LLC lifted its stake in McGrath RentCorp by 1.7% during the first quarter. Neumeier Poma Investment Counsel LLC now owns 208,246 shares of the financial services provider's stock valued at $23,199,000 after purchasing an additional 3,440 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Trading Up 1.5%

MGRC stock traded up $1.83 on Wednesday, hitting $122.41. 108,358 shares of the company's stock traded hands, compared to its average volume of 105,673. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 1.25 and a beta of 0.61. The stock has a fifty day moving average of $120.06 and a 200-day moving average of $115.27.

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 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 business had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. During the same period in the prior year, the business earned $0.84 earnings per share. The business's quarterly revenue was up 10.8% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the sale, the chief accounting officer owned 6,694 shares in the company, valued at approximately $764,521.74. This represents a 24.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of the sale, the chief executive officer owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,519 shares of company stock worth $2,529,790 in the last quarter. Insiders own 1.40% of the company's stock.

McGrath RentCorp Company 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.