McGrath RentCorp $MGRC Shares Bought by Cubist Systematic Strategies LLC

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 raised its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 668.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new position in McGrath RentCorp in the 1st quarter valued at about $1,328,000. BNP Paribas Financial Markets raised its stake in shares of McGrath RentCorp by 29.8% in the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock valued at $1,834,000 after acquiring an additional 3,767 shares during the period. Ameriprise Financial Inc. raised its stake in shares of McGrath RentCorp by 35.8% in the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider's stock valued at $1,387,000 after acquiring an additional 3,272 shares during the period. Nuveen Asset Management LLC raised its stake in shares of McGrath RentCorp by 11.6% in the 4th quarter. Nuveen Asset Management LLC now owns 97,441 shares of the financial services provider's stock valued at $10,896,000 after acquiring an additional 10,107 shares during the period. Finally, Allianz Asset Management GmbH purchased a new stake in shares of McGrath RentCorp in the 1st quarter valued at approximately $1,054,000. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the sale, the director directly owned 7,000 shares of the company's stock, valued at $829,500. This represents a 17.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 153,637 shares in the company, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $125.68 on Friday. The company's 50 day simple moving average is $120.39 and its 200-day simple moving average is $115.33. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth 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 announced its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.16. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The firm had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. During the same period in the prior year, the firm earned $0.84 EPS. The firm's revenue for the quarter was up 10.8% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

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.

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