Dark Forest Capital Management LP Boosts Stock Position in McGrath RentCorp $MGRC

Key Points

• Dark Forest Capital Management LP increased its stake in McGrath RentCorp by 231.9% during the first quarter, owning 53,209 shares worth approximately $5.93 million.
• CEO Joseph F. Hanna and insider Trease Kristina Van sold a combined 16,798 shares of the company stock, resulting in notable reductions in their respective ownership stakes.
• The company reported quarterly earnings of $1.46 EPS, surpassing analysts' estimates, and declared a quarterly dividend of $0.485 per share.

Dark Forest Capital Management LP lifted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 231.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 53,209 shares of the financial services provider's stock after buying an additional 37,179 shares during the quarter. Dark Forest Capital Management LP owned approximately 0.22% of McGrath RentCorp worth $5,927,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hsbc Holdings PLC increased its holdings in McGrath RentCorp by 6.6% during the 4th quarter. Hsbc Holdings PLC now owns 3,964 shares of the financial services provider's stock worth $442,000 after purchasing an additional 245 shares during the period. Northern Trust Corp increased its holdings in McGrath RentCorp by 8.7% during the 4th quarter. Northern Trust Corp now owns 323,439 shares of the financial services provider's stock worth $36,167,000 after purchasing an additional 25,884 shares during the period. Comerica Bank increased its holdings in McGrath RentCorp by 56.2% during the 4th quarter. Comerica Bank now owns 5,377 shares of the financial services provider's stock worth $601,000 after purchasing an additional 1,934 shares during the period. Alyeska Investment Group L.P. purchased a new position in McGrath RentCorp during the 4th quarter worth $8,349,000. Finally, Ameriprise Financial Inc. increased its holdings in McGrath RentCorp by 35.8% during the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider's stock worth $1,387,000 after purchasing an additional 3,272 shares during the period. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Stock Performance

MGRC traded up $0.06 during trading on Friday, hitting $125.68. 139,155 shares of the stock were exchanged, compared to its average volume of 113,782. The firm has a 50 day simple moving average of $120.39 and a 200 day simple moving average of $115.17. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 1.30 and a beta of 0.61. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.30 by $0.16. The company had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.McGrath RentCorp's quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the sale, the director owned 7,000 shares in the company, valued at approximately $829,500. The trade was a 17.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the sale, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

McGrath RentCorp 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.