Northern Trust Corp Sells 15,194 Shares of McGrath RentCorp $MGRC

Key Points

• Northern Trust Corp reduced its holdings in McGrath RentCorp by 4.7%, owning 308,245 shares worth approximately $34.3 million after selling 15,194 shares in the first quarter.
• CEO Joseph F. Hanna sold 14,577 shares valued at about $1.84 million, representing an 8.67% decrease in his position, while insiders sold a total of 21,519 shares in the last 90 days.
• McGrath RentCorp reported $1.46 earnings per share for the last quarter, exceeding analysts' expectations, with revenue up 10.8% year-over-year.

Northern Trust Corp lowered its holdings in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 308,245 shares of the financial services provider's stock after selling 15,194 shares during the quarter. Northern Trust Corp owned approximately 1.25% of McGrath RentCorp worth $34,338,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MGRC. Focus Partners Wealth purchased a new stake in shares of McGrath RentCorp in the 4th quarter worth about $136,000. State of Wyoming bought a new position in McGrath RentCorp in the fourth quarter worth $159,000. Teza Capital Management LLC purchased a new position in McGrath RentCorp during the 4th quarter valued at about $213,000. Nisa Investment Advisors LLC boosted its position 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 worth $233,000 after purchasing an additional 174 shares in the last quarter. Finally, Forum Financial Management LP grew its stake in shares of McGrath RentCorp by 11.2% in the fourth quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock worth $240,000 after acquiring an additional 216 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Trading Up 2.6%

NASDAQ:MGRC traded up $3.21 on Thursday, reaching $125.62. 154,443 shares of the stock traded hands, compared to its average volume of 107,170. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 1.26 and a beta of 0.61. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93. The company's fifty day simple moving average is $120.24 and its 200 day simple moving average is $115.30.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $220.71 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. The business'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 anticipate that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO David M. Whitney sold 2,221 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the chief accounting officer owned 6,694 shares of the company's stock, valued at $764,521.74. This trade represents a 24.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Trease Kristina Van sold 2,221 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the sale, the insider owned 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,519 shares of company stock worth $2,529,790 in the last 90 days. 1.40% of the stock is currently owned by company insiders.

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.