Cubist Systematic Strategies LLC Acquires 19,574 Shares of McGrath RentCorp $MGRC

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in McGrath RentCorp by 668.5% during the first quarter, now holding 22,502 shares valued at approximately $2.5 million.
• The company's recent earnings report revealed an EPS of $1.46, surpassing estimates, with a revenue increase of 10.8% year-over-year.
• Insider trading was noted, with both Director Kimberly Ann Box and CEO Joseph F. Hanna selling shares, resulting in ownership decreases of 17.65% and 8.67%, respectively.

Cubist Systematic Strategies LLC grew its stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 668.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,502 shares of the financial services provider's stock after purchasing an additional 19,574 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.09% of McGrath RentCorp worth $2,507,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Hsbc Holdings PLC grew its stake in shares of McGrath RentCorp by 3.9% during the 1st quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider's stock worth $460,000 after acquiring an additional 153 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of McGrath RentCorp by 9.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock valued at $233,000 after acquiring an additional 174 shares in the last quarter. Hamilton Point Investment Advisors LLC grew its holdings in shares of McGrath RentCorp by 0.4% in the 1st quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider's stock valued at $6,051,000 after acquiring an additional 192 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of McGrath RentCorp by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock valued at $292,000 after acquiring an additional 209 shares in the last quarter. Finally, Forum Financial Management LP grew its holdings in shares of McGrath RentCorp by 11.2% in the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock valued at $240,000 after acquiring an additional 216 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Transactions at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of the transaction, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. This trade represents a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total value of $177,750.00. Following the transaction, the director owned 7,000 shares of the company's stock, valued at $829,500. The trade was a 17.65% 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 Trading Up 2.8%

Shares of NASDAQ MGRC traded up $3.38 during mid-day trading on Thursday, hitting $125.99. The company had a trading volume of 87,095 shares, compared to its average volume of 111,581. The company has a market capitalization of $3.10 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.27 and a beta of 0.61. The firm has a 50-day simple moving average of $120.77 and a two-hundred day simple moving average of $115.25. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

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

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.