K.J. Harrison & Partners Inc Buys Shares of 10,000 McGrath RentCorp $MGRC

Key Points

• K.J. Harrison & Partners bought a new Q4 stake of 10,000 shares (~$1.05M) in McGrath RentCorp, and institutional investors now own about 92.05% of the stock.
• Director Joseph F. Hanna sold 530 shares at an average of $112 on May 5 but still holds 159,049 shares, while insiders collectively own 1.40% of MGRC.
• MGRC has a market cap of $2.81B and a P/E of 18.15, reported Q1 EPS of $1.10 (a $0.03 miss), raised its quarterly dividend to $0.495 (yield ~1.7%), and carries a consensus Moderate Buy average target of $141.50.

K.J. Harrison & Partners Inc bought a new stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the financial services provider's stock, valued at approximately $1,049,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in McGrath RentCorp during the 3rd quarter valued at approximately $29,000. Cullen Frost Bankers Inc. acquired a new stake in McGrath RentCorp during the 3rd quarter valued at approximately $30,000. EverSource Wealth Advisors LLC increased its position in McGrath RentCorp by 767.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 238 shares during the period. Danske Bank A S acquired a new stake in McGrath RentCorp during the 3rd quarter valued at approximately $47,000. Finally, Strs Ohio acquired a new stake in McGrath RentCorp during the 1st quarter valued at approximately $56,000. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Transactions at McGrath RentCorp

In related news, Director Joseph F. Hanna sold 530 shares of McGrath RentCorp stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $112.00, for a total value of $59,360.00. Following the completion of the sale, the director owned 159,049 shares of the company's stock, valued at approximately $17,813,488. This trade represents a 0.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.40% of the company's stock.

McGrath RentCorp Stock Up 1.1%

Shares of MGRC stock opened at $114.33 on Friday. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 1.15 and a beta of 0.45. McGrath RentCorp has a 52 week low of $94.99 and a 52 week high of $128.41. The firm has a 50 day moving average of $110.81 and a 200-day moving average of $109.76.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. The business had revenue of $198.54 million during the quarter, compared to analyst estimates of $198.19 million. Analysts anticipate that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were given a $0.495 dividend. This represents a $1.98 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Thursday, April 16th. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.49. McGrath RentCorp's payout ratio is 31.43%.

Wall Street Analysts Forecast Growth

MGRC has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of McGrath RentCorp in a research report on Friday, April 24th. Zacks Research raised shares of McGrath RentCorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, January 15th. Finally, Barclays initiated coverage on shares of McGrath RentCorp in a research report on Wednesday, February 11th. They set an "overweight" rating and a $140.00 target price for the company. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, McGrath RentCorp presently has a consensus rating of "Moderate Buy" and an average price target of $141.50.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.

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