K.J. Harrison & Partners Inc Invests $1.21 Million in McGrath RentCorp $MGRC

Key Points

• K.J. Harrison & Partners initiated a $1.21 million position in McGrath RentCorp during the second quarter, while institutional investors collectively own 92.05% of the company.
• Analysts maintain a “Moderate Buy” consensus with a $141.50 target price, although McGrath RentCorp’s latest quarterly results missed expectations for both earnings and revenue.
• MGRC shares opened at $121.04, down 1.0%, and the company paid a quarterly dividend of $0.495 per share, equivalent to a 1.6% yield.

K.J. Harrison & Partners Inc purchased a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,000 shares of the financial services provider's stock, valued at approximately $1,210,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. River Road Asset Management LLC raised its position in shares of McGrath RentCorp by 3.1% in the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider's stock valued at $223,619,000 after buying an additional 64,566 shares in the last quarter. Comerica Bank boosted its position in shares of McGrath RentCorp by 96.8% during the 4th quarter. Comerica Bank now owns 58,374 shares of the financial services provider's stock worth $6,125,000 after acquiring an additional 28,719 shares in the last quarter. Gabelli Funds LLC increased its stake in McGrath RentCorp by 28.8% in the fourth quarter. Gabelli Funds LLC now owns 49,243 shares of the financial services provider's stock valued at $5,167,000 after acquiring an additional 11,011 shares during the last quarter. Lazard Asset Management LLC bought a new position in McGrath RentCorp in the first quarter valued at approximately $3,877,000. Finally, Fifth Third Bancorp acquired a new position in McGrath RentCorp during the first quarter valued at approximately $6,990,000. Institutional investors and hedge funds own 92.05% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $141.50.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, SVP Gilda Malek sold 1,407 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $114.04, for a total value of $160,454.28. Following the sale, the senior vice president owned 8,018 shares in the company, valued at $914,372.72. This trade represents a 14.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP John P. Skenesky sold 2,000 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total transaction of $240,820.00. Following the sale, the vice president directly owned 10,634 shares in the company, valued at approximately $1,280,439.94. The trade was a 15.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 25,408 shares of company stock valued at $3,014,686. Corporate insiders own 1.40% of the company's stock.

McGrath RentCorp Trading Down 1.0%

Shares of NASDAQ MGRC opened at $121.04 on Tuesday. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 1.24 and a beta of 0.44. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $127.68. The stock has a 50-day moving average price of $118.18 and a two-hundred day moving average price of $114.13.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.47 by ($0.10). The company had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. On average, sell-side analysts predict that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were paid a $0.495 dividend. The ex-dividend date of this dividend was Friday, July 17th. This represents a $1.98 annualized dividend and a yield of 1.6%. McGrath RentCorp's dividend payout ratio is presently 31.88%.

McGrath RentCorp Profile

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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