Manatuck Hill Partners LLC Takes $4.88 Million Position in McGrath RentCorp $MGRC

Key Points

• Manatuck Hill Partners bought 40,300 McGrath RentCorp shares worth approximately $4.88 million, making up about 1.6% of its portfolio and 0.16% of MGRC’s outstanding stock.
• Institutional investors own 92.05% of McGrath RentCorp, while analysts maintain a “Moderate Buy” consensus rating with a $141.50 price target.
• McGrath RentCorp reported quarterly earnings of $1.37 per share, below the $1.47 estimate, and revenue of $221.11 million versus expectations of $236.51 million. The company also paid a quarterly dividend of $0.495, representing a 1.7% annualized yield.

Manatuck Hill Partners LLC bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 40,300 shares of the financial services provider's stock, valued at approximately $4,878,000. McGrath RentCorp makes up about 1.6% of Manatuck Hill Partners LLC's portfolio, making the stock its 18th largest position. Manatuck Hill Partners LLC owned approximately 0.16% of McGrath RentCorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. River Road Asset Management LLC increased its holdings in McGrath RentCorp by 3.1% during the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider's stock worth $223,619,000 after purchasing an additional 64,566 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of McGrath RentCorp during the second quarter valued at approximately $22,833,000. Comerica Bank boosted its position in shares of McGrath RentCorp by 96.8% during the fourth quarter. Comerica Bank now owns 58,374 shares of the financial services provider's stock valued at $6,125,000 after buying an additional 28,719 shares during the last quarter. Bank of America Corp DE grew its holdings in McGrath RentCorp by 26.7% during the first quarter. Bank of America Corp DE now owns 123,549 shares of the financial services provider's stock worth $13,625,000 after buying an additional 26,022 shares in the last quarter. Finally, Gabelli Funds LLC grew its holdings in McGrath RentCorp by 28.8% during the fourth quarter. Gabelli Funds LLC now owns 49,243 shares of the financial services provider's stock worth $5,167,000 after buying an additional 11,011 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.50.

McGrath RentCorp Stock Performance

NASDAQ:MGRC opened at $114.73 on Wednesday. McGrath RentCorp has a 52 week low of $94.99 and a 52 week high of $127.68. The firm has a 50-day moving average price of $118.53 and a two-hundred day moving average price of $114.19. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its 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 business had revenue of $221.11 million during the quarter, compared to analysts' expectations of $236.51 million. McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%. As a group, sell-side analysts forecast that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 17th were given 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 1.7%. McGrath RentCorp's payout ratio is currently 31.88%.

Insiders Place Their Bets

In other news, insider Trease Kristina Van sold 3,783 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total transaction of $429,937.95. Following the completion of the sale, the insider directly owned 6,533 shares of the company's stock, valued at $742,475.45. This trade represents a 36.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO David M. Whitney sold 3,783 shares of McGrath RentCorp stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total value of $429,937.95. Following the sale, the chief accounting officer owned 6,533 shares in the company, valued at $742,475.45. The trade was a 36.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 25,408 shares of company stock valued at $3,014,686. 1.40% of the stock is currently owned by insiders.

McGrath RentCorp Company 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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