McGrath RentCorp $MGRC Shares Bought by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio increased its stake in McGrath RentCorp by 15.3% during the 2nd quarter, holding approximately 0.14% of the company, valued at $3.86 million.
• Oppenheimer has raised its price target for McGrath RentCorp from $139.00 to $143.00 and maintains an "outperform" rating, while analysts have a consensus target price of $147.50.
• McGrath RentCorp has declared a quarterly dividend of $0.485, to be paid on October 31st, representing a 1.7% dividend yield and a payout ratio of 18.89%.

Public Employees Retirement System of Ohio lifted its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 15.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,284 shares of the financial services provider's stock after acquiring an additional 4,409 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.14% of McGrath RentCorp worth $3,860,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Strs Ohio acquired a new stake in McGrath RentCorp during the 1st quarter valued at $56,000. Adirondack Trust Co. grew its holdings in McGrath RentCorp by 20.0% during the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 100 shares in the last quarter. Focus Partners Wealth grew its holdings in McGrath RentCorp by 68.6% during the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider's stock valued at $228,000 after purchasing an additional 832 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock valued at $233,000 after purchasing an additional 174 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in McGrath RentCorp by 19.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,412 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 388 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Analysts Set New Price Targets

Separately, Oppenheimer raised their price target on shares of McGrath RentCorp from $139.00 to $143.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, McGrath RentCorp currently has a consensus rating of "Buy" and a consensus target price of $147.50.

Insider Activity

In other news, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp 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 completion of the transaction, the chief executive officer directly owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their position. The transaction was disclosed in a filing 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 shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the transaction, the director directly owned 7,000 shares of the company's stock, valued at $829,500. This trade represents a 17.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $117.23 on Wednesday. The firm has a market cap of $2.89 billion, a P/E ratio of 11.41, a P/E/G ratio of 1.21 and a beta of 0.61. McGrath RentCorp has a 1-year low of $97.81 and a 1-year high of $129.93. The firm has a fifty day moving average of $121.50 and a two-hundred day moving average of $115.62.

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, topping the consensus estimate of $1.30 by $0.16. The company had revenue of $235.62 million during the quarter, compared to analyst estimates of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The firm's revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $0.84 EPS. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 17th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, October 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.7%. McGrath RentCorp's payout ratio is 18.89%.

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.

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